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(Bloomberg) — Iran fired on American forces overnight and the US and Saudi Arabia struck Tehran-backed militias in Iraq, abruptly ending a days-long lull in hostilities.
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The US and Iran had paused attacks at the end of last week to give diplomacy another chance, leading to a significant drop in energy prices.
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Yet, late on Tuesday Saudi Arabia said it intercepted drones launched by Iraqi groups that were targeting its oil facilities for a second straight day. Shortly after, the US military said the Islamic Revolutionary Guard Corps fired multiple ballistic missiles from Iran at American troops in the region, with all the projectiles being thwarted. Iranian media said the IRGC targeted a base in Jordan in response to “aggressive US actions,” without offering details.
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The US and Saudi Arabia then jointly hit weapons and other sites belonging to “Iran-aligned terrorists” in Iraq, the American military said. The IRGC had, according to the Americans, directed the same militias to launch more than 30 drone attacks in the past few days.
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The latest skirmishing underscores how far Iran and the US are from formally restarting peace negotiations, let alone agreeing a deal to permanently end their war and reopen the Strait of Hormuz.
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The conflict is now in its sixth month and causing plenty of frustration for US President Donald Trump. With US gasoline prices having soared and Americans increasingly against the war, his standing is taking a hit ahead of midterm elections in November.
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The series of strikes came hours after Trump said he’d prefer to avoid escalating the conflict and sounded optimistic about the chances of a diplomatic breakthrough.
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Oil jumped on Wednesday, with Brent trading up almost 4% to $87.10 a barrel. That extends its gain for July to 20%, though it remains far below the level of $100 reached on Thursday, just before the US and Iran halted attacks on one another.
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The Strait of Hormuz remains effectively shut, with hardly any ships traveling through — at least with their transponders on. Early Wednesday, Iran’s state-run IRIB News said the IRGC claimed to have “struck and brought to a halt” three tankers in recent hours. They were, according to the report, “moving along an unsafe and illegal route.”
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Talks between Iran and Oman to get more traffic through the waterway, a vital conduit for flows of energy and other commodities such as aluminum and helium, seem to have faltered. Iranian negotiators rejected an Omani proposal that they open a channel equally controlled by each country, according to Iran’s media. Instead, Iran’s Deputy Foreign Minister Kazem Gharibabadi said Tehran wants to have sole control over vessels coming into the Persian Gulf.
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Oman had hoped to be able to make a statement in the coming days signaling progress, Bloomberg reported on Monday. Omani officials believe a shipping agreement with Iran would enable Washington and Tehran to get back to the negotiating table.
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Iraqi Militias Join Fray
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The decision by Iraqi militias to join the fray adds to the risk of a new front opening and the war escalating. Saudi Arabia isn’t known to have attacked Iraqi territory in years.
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