Recent drone attacks have escalated tensions across the Middle East, particularly involving Saudi Arabia and Iran-backed factions. Saudi Arabia has reported multiple instances of intercepting drones launched from Iraq, attributed to militia groups supported by Iran. These incidents include attacks targeting Saudi oil facilities, raising concerns among traders due to the potential impact on oil supply. The Houthis in Yemen also claimed responsibility for downing a Saudi drone and targeting oil transport infrastructure in response to ongoing strikes. As the U.S. and Iran reportedly hold fire amidst this turmoil, Saudi Arabia has stated its right to defend its territory and continued to call for Iraq to prevent its land from being used for such assaults.