The United States and Saudi Arabia launched coordinated airstrikes on Iran-aligned militia positions in eastern Iraq on July 28, sending oil prices surging more than 4% the following day. At least 20 fighters from the Popular Mobilization Forces were killed, with civilian casualties also reported. The strikes came as a response to over 30 drone attacks carried out by IRGC-directed forces within 72 hours targeting US military personnel and Saudi energy infrastructure. Historically, oil price spikes driven by geopolitical risk feed into inflation expectations, influencing central bank decisions and affecting risk assets including cryptocurrencies.
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