Oil Prices Skyrocket After US-Saudi Strikes on Iran-Linked Targets
US-Saudi strikes on Iran-linked targets in Iraq sent oil prices soaring over 5% higher, reaching $82 per barrel. The joint operation was a response to more than 30 drone attacks targeting US forces and Saudi energy sites over the past three days.
The drone attacks came from a militia group directed by Iran's IRGC, according to CENTCOM. The strikes were carried out during a pause meant to allow diplomatic talks between the US and Iran to ease conflict over the Strait of Hormuz.
Iran's IRGC fired ballistic missiles at US forces in Jordan, but CENTCOM confirmed that all missiles were intercepted. No US casualties were reported from the missile attack.
In response to the rising tensions, Bitcoin fell to trade near $63,620, with a 16% drop in trading volume over the past 24 hours. Investors are waiting for the US Federal Reserve's rate decision, which could influence market volatility.