Middle East Tensions Soar as Iran Launches Missile Barrage

A renewed outbreak of violence in the Middle East has sent shockwaves through global markets as Iran launched a barrage of missiles at American forces in the region. The U.S. and Saudi Arabia responded with strikes on Tehran-backed militias in Iraq, killing at least 20 fighters and six Iranian advisers.

The flare-up on multiple fronts has raised concerns about a return to all-out war and adds to worries about the global energy crisis. Oil prices spiked 7.3% after the attacks, with Brent crude reaching $88.093 a barrel.

The U.S. military announced that American and Saudi fighter aircraft had struck multiple logistics and weapons sites in eastern Iraq in response to alleged drone attacks on Saudi Arabia. The strikes killed at least 20 fighters and six Iranian advisers, according to Iraqi militia officials.