An Iranian oil tanker was attacked and set ablaze while sailing near a Saudi Arabian port in the Red Sea this week. The source of the attack is unknown, though Iran is blaming Saudis for this strike. Apparently, two missiles hit the tanker, causing severe damage, though not sinking it.
UPDATE: An Iranian-owned oil tanker was hit by two missiles in the Red Sea off the Saudi port city of Jeddah, Iran's state television reported, quoting the National Iranian Oil Company that owns the vessel. More here: https://t.co/K379Kl0ppc by @PHREUTERS pic.twitter.com/1BmcOEht8q
— Reuters Top News (@Reuters) October 11, 2019
This latest incident, if confirmed to be an act of aggression, is highly likely to be part of the wider narrative of deteriorating relations between Saudi and the U.S. and Iran.
-Dryad Maritime, a private security firm
Oil prices spiked 2% following this attack. This could also be an indication of increased volatility surrounding oil shipping routes, which could continue to result in higher oil prices. Iran hasn’t publicly released who they suspect was behind the attack.
Still, Iran’s aggression in the Strait of Hormuz this summer was bound to step on some toes. If you’re tired of high gas prices, then blaming Iran’s irresponsible behavior over the last few months is a good place to start.
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