Oil prices climbed toward $100 per barrel Wednesday as surprise strikes on US military installations by Iran and threats of a major response from the US re-inflamed war risk fears. Saudi Arabia also said late Tuesday that intercepted attempted drone strikes launched by Iran-affiliated militia groups in Iraq. The US and Saudi Arabia retaliated through the early hours of Wednesday, hitting several sites within Iraq, per Central Command, where the People's Liberation Front, a loose collective of militia groups, has supported the Iranian war effort. The Strait of Hormuz, which before the war recorded more than 100 daily crossings carrying a fifth of the world's oil, remains at the center of the conflict. Motorists drive past a large billboard pledging revenge against US President Donald Trump along Jomhouri Street in central Tehran on July 27, 2026.