The horrific impact of the escalating war in the Middle East is now being seen on the global energy market, where Iran has launched a drone attack on Saudi Arabia’s state-owned oil company Aramco’s Ras Tanura refinery, as per reports. Following this attack, the refinery was reportedly shut down as a precaution, leading to an energy crisis worldwide, due to which Brent crude oil prices have increased by 9.32%.
Crude oil prices have reached their highest level in the last four years, i.e. $80 per barrel, due to disruption of shipping services in the Strait of Hormuz, which is the route for 20% of the world’s oil supply, as per reports. If this situation continues for a long time, there is a fear of a surge in inflation at the international level.
The dispute escalated on Saturday when the US president and Israel launched missile strikes on Iran. In retaliation, Tehran launched a series of attacks on Israeli and US military bases, as well as Saudi Arabia, Qatar and the UAE.
BREAKING: 🚨🚨 SAUDI OIL HIT
Saudi Arabia’s ARAMCO, in Ras Tanura, has been hit by either Iran or Yemen.
The Saudi Foreign Ministry strongly condemned the attacks, calling them baseless. The Saudi government has insisted that it has not allowed its territory or airspace to be used in any operation against Iran, but this action by Iran is completely unacceptable.
The global market is currently experiencing extreme instability. If the Strait of Hormuz remains closed for a long time, the international supply chain may be disrupted, which will ultimately lead to a major spike in inflation worldwide.
Saudi authorities have summoned the Iranian ambassador in Riyadh and expressed strong protest against the attacks. After the tough stance of the American President and the Netanyahu government, the clouds of war have now loomed over the Gulf countries, which are feared to have a devastating impact on the common people and the world economy.
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