Iran Escalates Conflict in Middle East with Missile Strikes
The conflict in the Middle East escalated as Iran launched a barrage of missiles at American forces in the region. The US and Saudi Arabia responded by striking Tehran-backed militias in neighboring Iraq, killing at least 20 fighters.
The flare-up on multiple fronts has raised concerns about a return to all-out war, jolting the world economy and drawing down already diminished stockpiles of sophisticated munitions needed for defense. The US military announced it had struck multiple logistics and weapons sites in eastern Iraq in response to alleged drone attacks on Saudi Arabia.
The Iraqi government condemned the airstrikes as an 'unacceptable attack' and a 'blatant violation of Iraq's sovereignty.' The country's Prime Minister, Ali al-Zaidi, called an emergency meeting of the National Security Council to discuss the strikes. Oil prices spiked in response to the renewed hostilities, with Brent crude jumping 3.1% to $84.58 a barrel.
The conflict has also affected Saudi Arabia, which is locked in a renewed conflict with the Houthi rebels in Yemen. The Houthis have declared a blockade of Saudi shipping and attacked oil facilities used for transporting oil from the kingdom's Eastern Region to the Red Sea port city of Yanbu.