U.S.-Saudi airstrikes targeted bases of the Popular Mobilization Forces in Iraq, Iran-aligned groups integrated into Iraq’s security apparatus. These strikes were retaliation for drone attacks against U.S. forces and Saudi infrastructure, attributed to Iran’s Revolutionary Guard. Saudi Arabia officially acknowledged its participation in these strikes inside Iraq for the first time since the conflict began. Markets now anticipate an increased likelihood of Iranian military action against a Gulf state, signaling significant regional escalation.
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