US-Saudi strikes in Iraq kill 20, push oil up 4%

A significant joint military operation by the United States and Saudi Arabia against Iran-backed militias in Iraq on July 28 has abruptly ended a brief pause in hostilities and sharply escalated the regional conflict, sending global oil prices soaring and raising fears of a wider war. The airstrikes targeted logistics hubs and weapons sites belonging to Iraq's Popular Mobilization Forces (PMF) in eastern Iraq, killing at least 20 fighters and reportedly resulting in civilian casualties.

The operation, which marked Saudi Arabia's first publicly acknowledged military action inside Iraq since the war began, followed a sustained series of attacks by Iranian-aligned forces. According to U.S. military statements, the Islamic Revolutionary Guard Corps (IRGC) directed militias to launch more than 30 drone attacks against U.S. personnel and Saudi energy infrastructure over a 72-hour period. Saudi Arabia said it intercepted drones targeting its oil facilities for a second consecutive day late on July 27. Shortly after, Iran launched multiple ballistic missiles at a U.S. military installation in Jordan, all of which were intercepted.

In response, the U.S. and Saudi coalition struck PMF...