US-Saudi coalition strikes Iran-backed forces in Iraq, oil spikes over 4% as crypto traders brace for volatility

The US and Saudi Arabia launched coordinated airstrikes on Iran-aligned militia positions in eastern Iraq on July 28, sending oil prices surging more than 4% the following day. The strikes, carried out by US Central Command and Saudi forces, targeted logistics hubs and weapons sites belonging to the Popular Mobilization Forces, an umbrella of Iran-backed militias operating in Iraq. At least 20 PMF fighters were reportedly killed, with Iraqi authorities also noting civilian casualties and condemning the operation. What triggered the strikes The military action didn’t come out of nowhere. Over the preceding 72 hours, IRGC-directed forces launched more than 30 drone attacks targeting US military personnel and Saudi energy infrastructure. That’s roughly one attack every two and a half hours, the kind of tempo that makes a response almost inevitable. The broader conflict context stretches back to late February 2026, when tensions in the region reignited after a period of relative calm. This latest round of strikes represents the most significant joint US-Saudi military action in the current escalation. Iraq’s government finds itself caught between its security relationship with Washingt...