US and Saudi Arabia Strike Iranian Targets and Proxies as Oil Prices Climb

The U.S. military announced Wednesday that it launched strikes on Iranian targets following an attempted Iranian attack on American forces in the Middle East, according to AP News. U.S. Central Command described the strikes as a powerful response to the previous day’s events.

The military action followed a partnership between the U.S. and Saudi Arabia to strike Iran-backed militias in Iraq. Those strikes killed at least six Iranian advisers and 20 fighters. Saudi Arabia had accused Iraqi militias of using drones to target its oil facilities over two days, including the Abqaiq oil processing facility, which thehill.com reports is the world’s largest crude stabilization plant. Additionally, Houthi rebels in Yemen attacked an Aramco oil refinery in Jazan over the weekend, causing a temporary shutdown.

Regional Escalation

The conflict has expanded across multiple fronts. Iran’s paramilitary Revolutionary Guard stated it fired ballistic missiles at the Muwaffaq Salti Air Base in Jordan, a key U.S. military hub. The Jordanian military reported that five Iranian missiles were intercepted and destroyed. President Donald Trump stated on Wednesday afternoon that the U.S. would be hitting them very hard because it’s our turn to hit them.

Photo: thehill.com

Further instability was reported at the Egyptian port of Damietta, where drone strikes ignited fires on a Greek-owned tanker and a U.S.-owned floating storage facility. When asked if Iran was responsible for those strikes, Trump responded, It’s a little more of the same.

Energy Markets and Diplomacy

The renewed fighting has impacted global energy markets. Brent crude jumped 7.3% to $88.093 a barrel, according to AP News. The volatility comes as Iranian attacks have effectively closed the Strait of Hormuz, a crucial waterway for global energy supplies.

A damaged vehicle at the site of an airstrike on a Popular Mobilization Forces base in Mosul, Iraq, Wednesday, July 29
Photo: AP News

Diplomatic efforts to restore calm have struggled. An interim agreement collapsed recently, and Tehran rejected a proposal from Oman for the joint management of shipping traffic through the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi stated on X that Iran’s defense doctrine is eye for an eye, asserting that any aggression against Iranian infrastructure will compel a powerful and decisive response.

President Trump says Iran to "get a beating" as war expands with U.S.-Saudi strikes in Iraq

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