US-Saudi strikes on Iraq militias
Analysis based on 325 articles · First reported Jul 09, 2026 · Last updated Jul 31, 2026
Oil prices spiked sharply, with Brent crude rising over 8% to above $90 a barrel, as the renewed hostilities threatened global supply through the Strait of Hormuz and Red Sea. Energy and shipping sectors face heightened risk, while defense stocks may benefit from increased military spending.
On July 29, 2026, the United States and Saudi Arabia conducted joint airstrikes against Iran-backed militias in Iraq, targeting sites used for drone attacks on Saudi oil facilities. The strikes killed at least 20 members of the Popular Mobilization Forces and reportedly six Iranian advisers. In response, Iran's Islamic Revolutionary Guard Corps fired ballistic missiles at U.S. bases in Jordan, which were intercepted, and struck three oil tankers in the Strait of Hormuz. The escalation shattered a brief pause in the five-month conflict and raised fears of a wider regional war. Iraq condemned the strikes as a violation of its sovereignty and denied prior approval, while President Donald Trump vowed to hit Iran hard. Oil prices surged over 8% on supply disruption fears. The conflict also spread to Egypt, where drone strikes hit natural gas vessels at Damietta port, and the Houthis continued attacks on Saudi energy infrastructure, including damage to Saudi Aramco's Abqaiq facility and the Jazan refinery shutdown.
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