Oil Prices Surge After Iran Missile Attack as US-Saudi Forces Strike Iraq

-


The Pakistan Times | Islamabad | July 29, 2026

Global oil prices rose sharply after renewed military tensions in the Middle East, where Iran claimed missile attacks on US military positions while the United States and Saudi Arabia carried out joint strikes against Iran-backed groups in Iraq. The developments have increased concerns over regional security and global energy supplies.

According to US officials, the coordinated operation targeted facilities allegedly used by Iran-backed armed groups in eastern Iraq. Washington said the strikes were intended to prevent further attacks against American forces and regional allies.

Iran's Islamic Revolutionary Guard Corps (IRGC) later announced that it had launched missiles toward US military positions in Jordan in response to the airstrikes. Jordanian authorities said their air defence systems intercepted several incoming missiles, while US officials reported no successful attacks on American personnel.

The military exchanges immediately affected global financial markets, with Brent crude oil prices recording a significant rise as investors feared the conflict could threaten oil production and major shipping routes across the Gulf region.

Security analysts say energy markets react quickly whenever tensions escalate in the Middle East because the region remains one of the world's largest oil-producing areas. Even without direct damage to oil infrastructure, fears of supply disruptions often lead to higher crude prices.

Saudi Arabia condemned the attacks targeting regional security and reaffirmed its commitment to protecting critical energy infrastructure. Iraqi authorities, meanwhile, urged all parties to avoid further escalation, warning that continued military operations could destabilize the country.

Diplomatic efforts are continuing as regional and international leaders seek to prevent the conflict from expanding further. Analysts warn that if hostilities continue, oil prices could remain volatile in the coming days, affecting fuel costs and global markets.

Read More: [>>> AK-47 Rifle Row: Bihar Constable Suspended After Viral Video Sparks Debate on Weapon's Global]

Sources: Reuters, Associated Press (AP)



Comments

Post a Comment

We welcome your thoughts and feedback. Please keep your comments respectful, relevant, and constructive. Spam, abusive, or promotional comments will not be approved.

Popular posts from this blog

US Sea Drones Used Against Iran: How They Work and Why It Matters

-
Image
  US Deploys Explosive Sea Drones The Pakistan Times  Islamabad Times Reports indicate that for the first time, the United States has used one-way attack sea drones in a major military operation against Iran. These drones are small, fast, unmanned boats that carry explosive payloads and can destroy enemy ships or coastal targets. Ukraine has successfully used similar drones against Russia, and Iran has also been reported to develop and use such unmanned maritime systems. The US deployment of this technology in a formal operation marks a significant shift in modern warfare. How Do These Drones Work? The US system is not just a single drone but a network. According to US officials, the Corsair drone is 24 feet long, can carry up to 1,000 pounds of equipment, and travels at 35 knots. It is equipped with 360-degree cameras and radar. It has already been used in the Gulf of Oman to rescue the crew of a US Apache helicopter. The second drone, GARC, is a 5-meter-long autonomous boat ...
Read more

World's Poorest Countries 2026: The Bottom Five by GDP Per Capita

-
Image
  The Pakistan Times  Islamabad Times   World's Poorest Countries 2026 Despite decades of global development efforts, a small group of nations remain trapped at the very bottom of the world's income rankings, with average annual incomes per person still measured in the hundreds of dollars. According to Focus Economics' 2026 consensus forecasts, The Pakistan Times Live looks at the five poorest countries in the world this year by GDP per capita, and examines why they remain stuck in poverty. Note: rankings can vary slightly between sources such as the IMF, World Bank, and private forecasters, depending on methodology and the exchange rates used.) 1. South Sudan  GDP per capita: approximately $445 South Sudan holds the unfortunate distinction of being the world's poorest country by this measure. Years of civil war, chronic political instability, and a near-total dependence on oil revenue have left the economy fragile and unable to diversify. Disputes over oil fiel...
Read more

How Volker Türk Won a Second Term as UN Human Rights Chief

-
Image
How Volker Türk Secured a New Term as UN Human Rights Chief Despite US, Israeli and Russian Opposition no The Pakistan Times — Islamabad, July 25, 2026 The United Nations General Assembly has voted overwhelmingly to grant Volker Türk a second four-year term as the UN's human rights chief, despite strong objections from the United States, Israel, and Russia, making him the first person to serve two full terms in the role since it was created in 1993. The Pakistan Times explains who Türk is, why his reappointment proved contentious, and what the vote reveals about divisions within the world body. The Vote Member states in the 193-nation General Assembly voted 144 in favour to 10 against, with 13 abstentions, to reappoint Türk on Friday. Ahead of the vote, the assembly had also rejected a US proposal to delay the decision by roughly a week, as well as a separate Russian proposal that would have extended Türk's term only until the end of 2026 rather than granting him a full four mo...
Read more