US signs mega $58.6bn deal for Patriot missiles as stock runs low amid Iran war

The United States has awarded Lockheed Martin a contract worth up to $58.6 billion to produce Patriot interceptor missiles, marking one of the Pentagon's biggest air defence procurement deals as conflicts in Iran and Ukraine continue to deplete critical missile stockpiles.The US Army said the contract converts a previous one-year, $4.7 billion agreement awarded in April into a seven-year procurement framework covering fiscal years 2026 to 2032, ensuring long-term production of Patriot Advanced Capability-3 Missile Segment Enhancement (PAC-3 MSE) interceptors.The deal comes amid growing concerns over the Pentagon's dwindling inventory of key air defence weapons after supplying large quantities of munitions to Ukraine and allies while also using interceptors during recent military operations against Iran.According to the Washington-based Center for Strategic and International Studies (CSIS), the US military currently has fewer than 1,000 Patriot interceptors and less than 250 THAAD interceptors, both of which have been used extensively in the…