I'm also not convinced (yet) that the example really is UB: I agree reading a volatile is "a side effect" in some sense, and GP cited a paragraph that says just that. But GP doesn't clearly quote that it's a side effect on the object (or how a side effect on an object is defined). Reading an object doesn't mutate it after all.
But whatever language lawyer things, the code is obviously broken, with an obvious fix, so I'm not so interested in what its semantics should be. Here is the fix:
volatile int x;
// ...
int val = x; // volatile read
printf("%x %d\n", val, val);