US-Saudi strikes on Iran-backed militants in Iraq
Analysis based on 6 articles · First reported Jul 29, 2026 · Last updated Jul 29, 2026
The strikes heighten geopolitical tensions in the Middle East, potentially disrupting oil supplies and increasing risk premiums. Energy markets may see volatility, while defense stocks could benefit from increased military engagement.
On July 29, 2026, US and Saudi warplanes conducted airstrikes against Iran-backed militants in Iraq, targeting the Islamic Revolutionary Guard Corps (IRGC) and its proxies. The strikes were in response to over two dozen drone attacks on US forces and Saudi energy infrastructure. Saudi Arabia confirmed involvement, hitting targets linked to attacks on its oil facilities. Earlier, Iran launched ballistic missiles at US bases in Jordan, which were intercepted. The US had paused a bombing campaign against Iran over the weekend, with President Trump threatening to resume strikes if negotiations fail. Iran denied seeking talks.
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