US-Iran conflict widens with Saudi strikes
Analysis based on 78 articles · First reported Jul 09, 2026 · Last updated Jul 31, 2026
Oil prices remain elevated due to the closure of the Strait of Hormuz and escalating military actions, though they gave up some gains as tankers continue to exit the region. The conflict's expansion to include Saudi Arabia and Egypt threatens further supply disruptions and increases uncertainty for global energy markets.
The US-Iran conflict has entered a new phase as Saudi Arabia publicly joined military strikes against Iranian-backed proxies in Iraq, while diplomatic efforts to end the war have stalled. Over the past 24 hours, the US launched a heavy wave of strikes against Iran in retaliation for an Iranian missile attack on a US base in Jordan. Iran fired ballistic missiles at Jordan's Muwaffaq Salti Air Base, which were intercepted by Jordanian air defenses. Saudi Arabia joined the US in striking logistics and weapons sites used by Iranian-backed militias in Iraq. Drone strikes also ignited fires on two natural gas vessels at Egypt's Damietta port, reportedly by Iran or its allies. The conflict has depleted US stockpiles of Patriot and THAAD interceptors, and Gen. Dan Caine warned President Trump about the impact on military operations. Oil prices fell slightly after sharp gains, with Brent crude at $89.45 and WTI at $83.90 per barrel. The Strait of Hormuz remains effectively closed to global energy shipments. The Trump administration lacks a clear strategy for resuming negotiations, and mistrust between Washington and Tehran has deepened after the collapse of a June ceasefire proposal.
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