Skip to content
Back to Guavy Wire
Commodities

Saudi Arabia Joins US-Iran Conflict, Forms Multinational Defence Alliance

Instruments
Oil
Share

As tensions between the US and Iran escalate, Saudi Arabia has become militarily involved in the conflict. On July 29, Saudi Arabia carried out coordinated airstrikes with the US Central Command against Iranian-backed proxies operating from Iraqi territory.

The strikes were in response to the interception of several UAVs attempting to target oil facilities in Eastern and Riyadh regions, according to the Saudi Ministry of Defence.

Saudi Arabia's Crown Prince Mohammad bin Salman spoke by phone with US President Trump on August 2, stressing the need for dialogue to reduce escalation and achieve a diplomatic solution.

In an effort to address concerns about maritime security in the Red Sea, Saudi Arabia has formed a multinational defence alliance with over 50 countries and organizations invited to join. Thirteen countries have already signed on, including Turkey, Pakistan, Egypt, Qatar, Kuwait, Bahrain, Nigeria, Jordan, Bangladesh, Yemen, Djibouti, and Somalia.

The Red Sea is crucial for global shipping as it forms part of the maritime corridor leading to the Suez Canal, which handles around 15% of global maritime trade. Houthi attacks on commercial vessels in 2023 reduced container tonnage moving through the Suez Canal by 82%, and increased booking a voyage on short notice from Shanghai to Europe by 256%.

More on Commodities

Disclaimer: Guavy is a data and market intelligence provider, not an investment advisor. The information, signals, and market analysis provided by the Guavy API and related services are for informational purposes only and are not intended as financial advice, investment recommendations, or an endorsement of any particular trading strategy. Trading in volatile markets, including cryptocurrency, carries significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Users should consult with a qualified financial professional before making any investment decisions. Guavy makes no guarantee of trading profits or financial returns.

Real-time market sentiment intelligence for apps, funds & agents

Location

729 55 Ave SW
Calgary AB T2V 0G4
Canada

© 2026 Guavy Inc