- Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted in a “sabotage attack” off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies.
Iran’s foreign ministry called the incidents “worrisome and dreadful” and asked for an investigation. About 17.2 million bpd of crude and condensates were estimated to have been shipped through the Strait in 2017 and about 17.4 million bpd in the first half of 2018, according to oil analytics firm Vortexa.
It is also the route used for nearly all the liquefied natural gas produced by the world’s biggest LNG exporter, Qatar. “All of these geopolitical stories could present a cruel summer scenario for President Trump as he seeks to keep oil prices in check,” the RBC analysts wrote. The UAE and Saudi Arabia have sought to find other routes to bypass the Strait, including building more oil pipelines.In July 1988, the U.S. warship Vincennes shot down an Iranian airliner, killing all 290 aboard, in what Washington said was an accident after crew mistook the plane for a fighter. Tehran said it was a deliberate attack.
In July 2010, Japanese oil tanker M Star was attacked in the Strait. A militant group called Abdullah Azzam Brigades, which is linked to al Qaeda, claimed responsibility.
Most of the oil that flows through the straits of Hormuz goes to Asia. The Chinese don’t seem worried. Why is trump starting another war? Oil again. If he controls energy, he can bully those that need it.
Coronary blockages lead to bad things sometimes.
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