Key Points
US and Saudi warplanes struck Iran-backed militias in Iraq on July 29, killing 20.
Iran fired ballistic missiles at US forces Tuesday, ending a weekend ceasefire.
Brent crude oil rose to $88 a barrel after Iran claimed to strike tankers in Hormuz.
Iraq's president condemned the strikes as a violation of national sovereignty.
The US and Saudi Arabia launched coordinated airstrikes against Iran-backed militias in Iraq on Wednesday, killing at least 20 members of the Popular Mobilization Forces. The strikes followed Iran’s Tuesday missile barrage at US forces in the Middle East and drone attacks on Saudi oil facilities. The escalation ends a weekend lull and signals renewed fighting over the Strait of Hormuz, a critical oil chokepoint.
How the fighting resumed
Iran fired multiple ballistic missiles at US forces on Tuesday, which US Central Command said were all intercepted. The attack targeted a US base in Jordan. Earlier Tuesday, Saudi Arabia said it shot down drones fired by Iran-backed militias targeting oil facilities in the kingdom’s eastern region. Both sides had held fire over the weekend after nearly two weeks of nightly strikes.
The joint US-Saudi response
US and Saudi warplanes struck multiple sites in Iraq early Wednesday that Iran-backed militias used to launch attacks. The strikes killed at least 20 members of Iraq’s Popular Mobilization Forces and wounded others, according to the PMF. The PMF is an umbrella organization within Iraq’s official security forces that Iran has infiltrated to wield influence in the region.
Iraq condemns the strikes as sovereignty violation
Iraq’s recently elected President Nizar Amidi condemned the attacks, calling them “unacceptable and a flagrant violation of Iraq’s sovereignty.” Iran’s Foreign Ministry also condemned the strikes and held the US and Saudi Arabia responsible. At least 20 were killed and 32 wounded by the strikes on logistics and weapons sites, according to the Popular Mobilization Forces. The PMF called the targeting “a highly dangerous escalation” and an attack on Iraq’s official security institutions.
Oil prices spike as Hormuz tensions escalate
Iran’s Revolutionary Guards claimed Wednesday to have struck three oil tankers sailing an “illegal” route in the Strait of Hormuz. Brent crude oil rose to around $88 a barrel following the flare-up. The Strait of Hormuz is a narrow chokepoint through which 20 percent of the world’s oil normally flows. Iran effectively closed the strait when the war began by firing at freighters and threatening vessels, but a June ceasefire deal sparked a battle for control over shipping routes.
Final Thoughts
The collapse of the weekend ceasefire marks a critical turning point in the US-Iran conflict. With both sides resuming strikes and control of the Strait of Hormuz at stake, oil markets face renewed volatility and the risk of further escalation.
FAQs
Iran fired ballistic missiles at US forces on Tuesday and Iran-backed militias attacked Saudi oil facilities. The joint strikes targeted the militias’ bases in Iraq in response.
At least 20 members of Iraq’s Popular Mobilization Forces were killed and 32 wounded, according to the PMF.
The Strait of Hormuz is a narrow waterway through which 20 percent of the world’s oil normally flows. Iran and the US are fighting for control of shipping routes through it.
No. US Central Command said all Iranian missiles launched on Tuesday were successfully intercepted. No damage was reported to US forces.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
About Author

Danny Kontos
Co FounderDanny Kontos has been a stock investor since 2007 and co-founded Meyka in 2023. He keeps a small, focused portfolio and only moves when the numbers are hard to argue with. He has waited years on a single position before. Before Meyka, he ran a web hosting company and a mortgage lending platform, so he knows what a well-run business actually looks like under the hood. This article did not come from a news cycle. It came from someone who has been watching this space for a long time.
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