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Saudi Arabia Joins US in Striking Iran-Backed Militias in Iraq

Bloomberg Markets
Wednesday, July 29, 2026 at 10:57 AM
~4 min read
Energy

Original Report

Saudi Arabia said late Tuesday it intercepted drones launched by Tehran-backed militias in Iraq that were targeting its oil facilities for a second straight day. The US and Saudi Arabia then jointly...

Saudi Arabia said late Tuesday it intercepted drones launched by Tehran-backed militias in Iraq that were targeting its oil facilities for a second straight day. The US and Saudi Arabia then jointly hit weapons and other sites belonging to “Iran-aligned terrorists” in Iraq, the American military said. Col. Wayne Sanders (Ret.) of Bloomberg Intelligence examines the significance of Saudi Arabia's involvement in the strikes. (Source: Bloomberg)

Glass House Analysis

Energy prices affect virtually every aspect of daily life—from commuting costs to heating bills to the price of groceries (which must be transported). For working families, energy represents one of the most volatile and impactful line items in their budgets. Energy policy decisions ripple through the economy, affecting everything from manufacturing competitiveness to household financial stress.

The implications extend beyond the immediate news cycle. Every economic development creates ripples that affect employment, prices, and opportunities in ways that may not be immediately visible but are deeply felt. By tracking these connections, we can better understand how the economy truly works—not as an abstract machine, but as a human system shaped by and shaping the lives of millions.

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