Russia is fast emerging as a major power broker in the Middle East.
The world reeled from shock after two successive missile attacks targeted the Abqaiq oil facility and the Khurais oilfield in the Saudi desert last month. The real drama unfolded the morning after – thick smoke billowed from the wreckage, blotting out the early morning sun, and with it perhaps any hopes of restoring some amount of normality to Iranian-Saudi relations, at least for the foreseeable future. Over half of all the crude oil excavated in the Saudi kingdom is processed at Abqaiq. It comes as no surprise, therefore, that crude oil prices surged by 20 percent as global markets grappled with the biggest oil supply shock in decades. The Kingdom’s oil production is already running a historic low as its natural reserves face depletion, and the attacks at Abqaiq and Khurais managed to cut down global oil supply by a further 6 percent. Saudi Arabia called the September 14 attacks an act of war, and Iran stands accused of masterminding the offensive, a charge it vehemently denies.
Iranian Foreign Minister Javad Zarif condemned what he called Saudi attempts to provoke Iran into a full-blown military confrontation. The country remains economically besieged; heavily sanctioned by the US, with inflation in the country hitting new highs every week under the Trump administration’s “maximum pressure” strategy. Zarif holds the Houthi rebels responsible for the attack, based on a statement released by the rebel faction in Yemen. Nonetheless, Tehran has not been able to produce any concrete evidence apropos of the claim. The Saudis, meanwhile, have alleged Iranian involvement after examining misfired missiles that they claim were sourced from Iran. Less than a month after the attacks on the Aramco facilities, an Iranian oil tanker, the Sabiti, was attacked while cruising the Red Sea, just off the coast of Jeddah, causing oil prices in London to surge to 60 US dollars a barrel. Continue reading
View Pakistan Horizon's profile
