Iran Conflict Escalates as Jordan Intercepts Missiles and US Strikes Iraqi Militias

The conflict between Iran and its adversaries in the Middle East has escalated again. On Wednesday, Jordan intercepted five missiles launched from Iran, while the US military said it knocked down another Iranian barrage targeting American forces in the region.

Hours after the Jordanian intercept, the US announced that it had worked with Saudi Arabia to launch strikes against Iranian-backed militias in Iraq that have targeted the kingdom in recent days. The militias claimed that at least 20 of their fighters were killed and 32 others wounded in the overnight strikes.

The renewed hostilities sent oil prices spiking, with Brent crude jumping 3.1% to $84.58 a barrel. This increase is likely to have far-reaching consequences for global energy supplies and markets.