Iran-US-Saudi strikes escalate conflict
Analysis based on 64 articles · First reported Jul 29, 2026 · Last updated Jul 30, 2026
Oil prices spiked 3.1% as Brent Crude rose to $84.58 per barrel due to renewed hostilities and attacks on Saudi oil infrastructure. The conflict risks further disruption to global energy supplies through the Strait of Hormuz and Bab el-Mandeb straits.
On July 29, 2026, Iran launched ballistic missiles at U.S. forces in Jordan and Iraq, while the U.S. and Saudi Arabia conducted airstrikes against Iran-backed Popular Mobilization Forces (PMF) in eastern Iraq, killing at least 20 fighters and six Iranian advisers. The Houthis also attacked Saudi oil facilities, damaging the Abqaiq processing plant and shutting down the Jazan refinery. Iran rejected an Omani proposal for joint management of the Strait of Hormuz. Oil prices surged 3.1% to $84.58 per barrel. The escalation follows a period of relative calm and threatens to derail ceasefire efforts.
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