Saudi Arabia has declared its right to respond to recent drone attacks launched from Iraq by Iran-backed groups. The kingdom condemned the attacks, emphasizing the threat they pose to its sovereignty and critical energy infrastructure. These developments occur within the broader context of the 2026 Iran-US-Israel regional conflict in the Middle East. Market pricing currently assigns a 14.5% probability to Iranian military action against a Gulf state on July 30, reflecting heightened perception of regional instability. The coming days will be critical in determining whether tensions ease or escalate further.
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