Oil prices surged 5% on Wednesday after the US and Saudi Arabia forces carried out joint strikes against Iran-aligned militant groups in Iraq. US stock futures erased gains and Bitcoin price slipped as Iran launched a surprise attack on US forces in the Middle East.
US-Saudi Arabia Confirms Strikes Against Iran-Linked Targets in Iraq
The U.S. CENTCOM said American and Saudi Arabian forces carried out joint precision strikes in eastern Iraq, targeting Iran-backed militia weapons and logistics sites. This marks the first time CENTCOM has publicly announced a joint US-Saudi operation.
The operation responded to more than 30 drone attacks over the previous 72 hours by Iran’s IRGC-directed PMF militia in Iraq against US forces and Saudi energy infrastructure. This comes amid a pause in direct strikes to allow diplomatic talks in the hope of resolving the US-Iran war and the Strait of Hormuz conflicts.
Houthis condemn US-Saudi attacks on Iraq’s PMF. Meanwhile, Iran denied any link to drones fired at oil facilities in Saudi Arabia.
However, Iran’s IRGC claimed a surprise attack with multiple ballistic missiles at US forces in the Middle East. CENTCOM said all Iranian missiles were successfully intercepted.
Oil prices surge more than 5% following Iran’s ballistic missile hit on the Muwaffaq Salti Air Base in Jordan, causing US stock futures and Bitcoin price to slip. The crude oil futures are now trading above $82 per barrel on July 29 after the recent escalation in the US-Iran war.
Meanwhile, Iran rejected Oman’s proposal for shared 50-50 control of the Strait of Hormuz, demanding more control.
🇯🇴 Oil spikes as Middle East tensions send traders scrambling
Brent crude climbed to $85.50 after reports of ballistic missiles launched toward Jordan.
Markets reacted within minutes, pricing in the risk of broader regional escalation.
This wasn’t driven by any confirmed… pic.twitter.com/Bh6wwZF4kU
— Mario Nawfal (@MarioNawfal) July 29, 2026
Bitcoin Plunges amid Spike in Oil Prices
Bitcoin price fell slightly as oil prices surged 5% amid the latest US and Iran strikes, escalating tension in the Middle East. The price is currently trading near $63,620, with a 24-hour low and high of $62,714 and $64,105, respectively.
Trading volume has decreased further by 16% over the last 24 hours, indicating traders remain cautious ahead of the US Fed rate decision today. Meanwhile, concerns over growing Fed dissents as more than three Fed officials’ dissents could signal a September rate hike.
Meanwhile, the US dollar index (DXY) falling to 101.27 is keeping Bitcoin price from falling deeper. Also, the 10Y Treasury yield remains steady near 4.61% after hitting an 18-month high last week.
The derivatives market showed mixed sentiment amid rising uncertainty, as South Korea’s KOSPI stock market fell another 12% today amid the global chip stock selloff. South Korea’s stock market is now down 35% this month.
Total Bitcoin futures open interest dropped further by 0.22% to $47.24 billion in the past 24 hours. However, Bitcoin futures OI on CME and Binance climbed by more than 1.40% and 0.50%, respectively.
To navigate these volatile hedging conditions, active traders are increasingly relying on the best crypto futures trading platforms to manage their perpetual contract positions.