Saudi Arabia intercepted three drones coming from Iraq on May 18, 2026, and warned it reserves the right to respond. These attacks are part of a wave of cross-border strikes that began after U.S. and Israeli raids targeting Iranian assets on February 28, 2026. In May 2026, Saudi and Kuwaiti forces struck militia positions inside Iraqi territory, while a regional coalition including the UAE, Qatar, Kuwait, Bahrain, and Jordan condemned the attacks. Baghdad reiterated on July 13, 2026, that it would not permit assaults from its soil, but this promise remains difficult to uphold given Iranian influence over the militias involved. For crypto markets, a prolonged crisis could slow ongoing regulatory processes in Saudi Arabia and the UAE, where licensing frameworks are being developed to attract exchanges and DeFi projects.
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