Middle East Conflict Escalates as US-Saudi Strikes Target Iran-Backed Groups

Tensions in the Middle East escalated on Wednesday after the U.S. and Saudi Arabia launched coordinated strikes on Iran-backed groups in Iraq.

The strikes were a direct response to drone attacks on Saudi oil facilities attributed to these groups, with Iran warning that blaming it for these attacks would be a 'major miscalculation'.

Iran's Revolutionary Guards announced that they had targeted and stopped three oil tankers in the strategic Strait of Hormuz, claiming the tankers ignored warnings about taking 'unsafe and illegal routes', securing their control over the critical waterway.

Oil prices surged over $3 a barrel due to market concerns over possible conflict escalation.