Commodities
Iran's Missile Barrage Triggers US-Saudi Strikes Against Iraqi Militias
A flare-up of violence in the Middle East has raised concerns about a return to all-out war. Iran launched a barrage of missiles at American forces, prompting US-Saudi strikes against Tehran-backed militias in Iraq.
The attacks have added to tensions that have been simmering for months and have already had an impact on global energy markets. Oil prices spiked 3.1% to $84.58 a barrel as the situation unfolded.
The conflict has also caused concern about the depletion of US military stockpiles, with some officials warning that America's ability to defend its bases and allies is being stretched thin.