Saudi Arabia Says Oil Tankers Damaged in 'Sabotage Attack' as Middle East Tensions Rise
Saudi Arabia said two of its oil tankers were attacked while sailing toward the Persian Gulf, adding to regional tensions as the U.S. increases pressure on Iran.
Saudi Energy Minister Khalid Al-Falih said the incident aims “to undermine the freedom of maritime navigation, and the security of oil supplies to consumers all over the world,” according to SPA. He urged the international community to ensure the security of oil tankers “to mitigate against the adverse consequences of such incidents on energy markets, and the danger they pose to the global economy.
Crude Rises Global crude benchmark Brent for July settlement rose as much as 71 cents, or 1%, to $71.33 a barrel on the London-based ICE Futures Europe exchange on Monday. Oil had been losing ground since late last month on signs that Saudi Arabia would pump more to make up for lost Iranian barrels and a looming trade war between the world’s two largest economies, the U.S. and China.
Tanker War Attacks on oil tankers in the turbulent Gulf have been rare since 1991. Saudi Arabia continued shipping through the Strait of Hormuz during the so-called tanker war, a phase of the 1981-88 conflict between Iraq and Iran when both foes attacked vessels in the Gulf. Oil exports flowed also during the first Gulf War in 1990-91.
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