· July 28: U.S. CENTCOM and Saudi Arabian Armed Forces struck Iran-aligned logistics and weapons sites in eastern Iraq.
· Justification cited: response to over 30 IRGC-directed drone attacks against U.S. forces and Saudi energy infrastructure in the preceding 72 hours.
· Iraq's Popular Mobilization Forces (PMF) reported 10–20 members killed.
· Prior to these strikes, the U.S. intercepted multiple ballistic missiles launched from Iran.
· Following the strikes, Iran's IRGC fired missiles at U.S. military targets in Jordan.
· IRGC claimed its naval forces struck 3 oil tankers in the Strait of Hormuz.
· Only 5 commodity ships passed through the Strait of Hormuz the day prior.
· Houthis in Yemen declared a blockade against Saudi shipping in the Red Sea.
Saudi Oil Logistics Workaround
· Saudi Arabia is increasing loadings at Egypt's Sidi Kerir port (approx. 20 miles west of Alexandria) to export crude.
· Buyers via this route are mostly from Asia.
· This follows Saudi Arabia's increased reliance on the Red Sea route after the Strait of Hormuz closed amid the Iran war.
Market Data (as of July 29, 2026, 7:16 a.m. ET)
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· VIX: 18.71 (+2.75%)
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· Crude Oil: $84.78 per barrel (+6.96%)
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Futures/Commodity Benchmarks (as quoted)
· CL00 (WTI Crude): +6.89%
· BRN00 (Brent Crude): +6.02% ← Back to Fiveo1