US-Iran Conflict Escalates as Iran Receives Bodies of Slain IRGC Members

The ongoing US-Israel-Iran war in the Middle East has led to significant military and economic developments. Iran received the bodies of five IRGC members killed during recent joint US-Saudi airstrikes in Iraq, further escalating tensions between Tehran and Washington.

The transfer of the bodies occurred through the Mehran border crossing in Ilam province after the US and Saudi Arabia conducted military operations against Iran-backed militant groups in Iraq. The operation was a response to recent attacks against the Gulf kingdom.

Oil prices remained volatile but are still on track to post strong monthly gains due to geopolitical tensions supporting energy markets. Brent crude futures fell by $1.03, or 1.2%, to $88 per barrel, while US West Texas Intermediate (WTI) crude declined by $1.50, or 1.8%, to $82.09 per barrel.

The US imposed fresh sanctions on six entities and individuals across China, India, Russia, and Iran for supporting the IRGC and helping expand its military capabilities. The measures target networks linked to Mahan Air, which has transported weapons, military personnel, and equipment on behalf of the IRGC.