Oil prices are climbing as Saudi Arabia accuses Iran of attacking its tankers
of $90 just around the corner. A conflict with Iran would undoubtedly push prices well into the triple digits.
Yes, Iran would indeed lose any conventional war against the West in a matter of months if not weeks, but its unabashed support for terrorist groups like Hamas, Hezbollah and Iraqi Shiite militias, guarantees that a conflict would drag the entire region into insurgency-driven conflicts. This was a nerve-wracking seven days: last Monday four oil tankers – two of them Saudi flagged – were reportedly attacked near the strategic Strait of Hormuz. United States and Saudi security officialsthat Iran or Iranian proxies are behind Sunday’s attack, though no specific details have been made public or can be confirmed.
Houthi rebels in Yemen, aligned with Iran, have claimed responsibility for the attack against critical Saudi infrastructure. Thus, if true, both supply routes have been threatened – putting global oil supply at risk. Furthermore, Tehran hasOn the heels of increased U.S. military presence in the Gulf, Iran sent ato President Trump on Friday – claiming that short-range Iranian missiles could target U.S. warships positioned in the Gulf waters.
Combine this with President Donald Trump’s recent departure from the Iran deal and a Shia -Sunni proxy war raging in Syria and Yemen, and the Middle East seems yet again like a powder keg ready to blow.
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