The Islamic Resistance of Iraq, operating under the Popular Mobilization Forces, announced its intention to retaliate against what it describes as joint US-Saudi aggression on its territory. The group warned it would target US interests and assets in Saudi Arabia. This threat is part of the Iran-Saudi Arabia proxy conflict, in which Iran-aligned militias in Iraq and US and Saudi forces have been engaged in escalating military actions. The recent US-Saudi air operation targeted Iran-backed groups accused of drone attacks. Markets reflect declining confidence in a potential US-Iran deal in 2026, with analysts noting that this escalation complicates diplomatic efforts.
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