New attacks on Saudi oil tankers in the Strait of Hormuz and its surroundings have significantly impacted the oil market and increased concerns regarding global energy supply. These events followed an attack on an oil pipeline in Saudi Arabia and advances by Houthi forces in Yemen, ringing alarm bells for oil traders.
Details of the Attacks and Damages
One ship was attacked while passing through the Strait of Hormuz on Sunday, resulting in a fire and the evacuation of the crew. Meanwhile, Iranian sources reported that one person was killed in the attack and four others were injured. Saudi state media also released images of the damage caused by these attacks in Jazan province.
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At the same time, the Houthis claimed to have targeted a Saudi military base in a neighboring province. Southern cities in Saudi Arabia have been continuously at risk of attacks since last week, and these tensions have escalated following an attack on a 1,200-kilometer pipeline, which is recognized as the main route for oil supply from the Middle East.
Economic Consequences and Oil Market
Oil prices are expected to rise again on Monday. Given the latest developments, traders predict that these events will affect oil supply from the world's largest exporter, Saudi Arabia. Currently, Saudi Arabia has announced that it has sufficient oil reserves at the Yanbu port to continue exports for five to seven days, should the damaged pipeline remain closed.
If this situation continues, up to 4 percent of global oil supply may be affected. Currently, oil prices have risen to over $100, and the retail price of diesel fuel in the United States has reached a historic high of over $6.20 per gallon.
After a calm month in August, during which oil flow from the Middle East had increased again, the past two weeks have seen an escalation of conflicts. No peace talks have been held since the collapse of the temporary agreement in June.
Impact on Regional Diplomacy
Amid these tensions, Iranian officials have announced their intention to participate in a meeting with Gulf Arab countries in Oman. However, the Omani Foreign Minister has stated that this meeting has been postponed due to the necessity of an agreement. Meanwhile, Iraq has also announced that it will send representatives to this meeting, and Saudi and Qatari officials will also attend the event.
Iran hopes to use this opportunity to announce improvements in its situation in the Strait of Hormuz and other maritime transport-related issues. However, according to the Iranian Foreign Minister, the Strait of Hormuz will not be opened until Tehran's demands from the United States are met.
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