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Missiles, Jordan, and retaliation
Iran launched missiles targeting U.S. bases in Jordan, and U.S. President Donald Trump vowed a forceful response after the attack ended a brief lull in hostilities.
“Global oil prices surged and stocks plunged on Wednesday after an Iranian attack elicited a vow of reprisal from President Donald Trump, ending a brief calm that had renewed hope among investors of a negotiated resolution”
Trump told Fox News, "We'll be hitting them hard. They're going to get a beating," after Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had targeted U.S. military bases in Jordan.
Jordan’s military later announced it had intercepted five Iranian missiles before they reached their targets, while U.S. Central Command said all Iranian missiles were successfully intercepted.
The renewed exchange widened across multiple fronts, including coordinated strikes announced by the United States and Saudi Arabia against Iran-backed militant positions in Iraq, with the Popular Mobilization Forces (PMF) saying the strikes killed at least 20 of its members across seven Iraqi provinces, including Baghdad.
Trump’s language and market shock
In the Oval Office on Wednesday (July 29), Trump said the United States would retaliate strongly despite the missiles being successfully intercepted before they could cause any damage, telling reporters, "We're going to be hitting them very hard because it's our turn to hit them."
The same vow of reprisal helped drive a sharp market reaction, with ABC News reporting that a benchmark index for worldwide crude prices climbed nearly 8% on Wednesday, crossing above $90 a barrel.
ABC News also said the Dow Jones Industrial Average closed down 1,153 points, or 2.1%, which it described as its worst day since April 2025, while the S&P 500 dropped 1.5% and the Nasdaq declined 1.7%.
Trump’s threat was echoed in other coverage of the Jordan attack, with Fox News saying he told the network, "We're going to beat the f------ s--- out of them," after U.S. Central Command said all Iranian missiles were successfully intercepted.
What’s next across fronts
Beyond Jordan and Iraq, the conflict also extended to Lebanon, where Israel accused the Iran-backed Hezbollah movement of violating an existing ceasefire by launching a drone at an Israeli vehicle inside Lebanese territory.
“US President Donald Trump promised retribution for an Iranian missile attack that was intercepted by US forces”
Saudi Arabia reported a second consecutive day of drone attacks targeting its oil facilities, blaming Iran-backed armed groups in Iraq for the assaults, while security analyst Hesham Alghannam told AFP that Tehran appeared to be relying on its regional allies to maintain military pressure while diplomatic efforts continued.
The escalation has also intensified tensions around the Strait of Hormuz, where Iran claims to have intercepted and stopped three oil tankers while insisting it has "full control" over the strategic waterway, and Iran announced plans to impose transit fees on vessels using the strait.
In response, the United States unveiled new sanctions targeting entities linked to the Revolutionary Guards that it accuses of extorting commercial shipping, as ABC News tied the renewed fighting to uncertainty for energy markets and said shipping traffic in the Strait of Hormuz declined sharply.
