Oil Prices Soar Amid Joint US-Saudi Strikes on Iran-Linked Targets

The oil price surged by over 5% after US and Saudi forces carried out joint strikes against Iran-aligned militant groups in Iraq. The operation targeted Iran-backed militia weapons and logistics sites, with all Iranian missiles reportedly intercepted by US defenses.

Iran's IRGC claimed a surprise attack on US forces using multiple ballistic missiles, but CENTCOM stated that the missiles were successfully intercepted. This marks the first time US-Saudi forces have publicly announced a joint operation in Iraq.

The crude oil price is now trading above $82 per barrel after the recent escalation in the US-Iran war. The Strait of Hormuz conflict remains unresolved, with Iran rejecting Oman's proposal for shared control of the waterway.