Global Markets React to Escalating Middle East Hostilities, Driving Up Oil Prices

Global stock markets experienced declines and oil prices climbed on July 29, 2026, as investors reacted to escalating hostilities in the Middle East. Reports indicate joint U.S. and Saudi Arabian strikes on Iranian-backed forces in Iraq, and Jordan's military intercepting Iranian missiles, intensifying concerns over global oil supplies. Brent crude futures jumped over 3%, contributing to market volatility ahead of the Federal Reserve's interest rate decision.