US strikes Iran, war expands
Analysis based on 12 articles · First reported Jul 29, 2026 · Last updated Jul 30, 2026
Oil prices spiked sharply, with Brent crude rising above $90/barrel, reversing earlier declines. The widening conflict threatens global energy supplies and shipping routes, particularly the Strait of Hormuz, and increases uncertainty for markets.
On July 29, 2026, the United States launched fresh strikes against Iran, escalating a five-month-old war that began in February 2026 with a US-Israeli bombing campaign. The strikes were a response to Iranian attacks on US forces. Earlier that day, a drone hit a US-owned gas storage tanker at Egypt's Damietta port, and US-Saudi forces struck Iran-aligned groups in Iraq. Iran fired missiles at US troops in Jordan and at ships in the Strait of Hormuz, and rejected an Omani proposal to jointly manage the strait. The Houthis in Yemen declared a naval blockade on Saudi Arabia. Oil prices surged, with Brent crude rising over 8% above $90/barrel. The conflict has drawn in multiple countries, with Iraq facing internal rifts as its government balances ties with both Washington and Tehran. Saudi Arabia urged the US not to escalate further. US officials warned of munitions stock constraints.
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