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Ed Israel/US Attacks Iran /Yet Another Country/Iran

Saudi Arabia has closed a critical oil pipeline after it was attacked by drones launched from Iraq, as conflict in the Middle East widens.

Iraq said it had fired a military commander and launched an investigation after admitting the drone attack on its neighbour's East-West pipeline had originated in one of its provinces bordering Iran.

The 1,200km (745 mile) pipeline has helped Saudi Arabia - the world's largest crude oil exporter - bypass the Strait of Hormuz.

The incident comes amid a major advance by the Iranian-backed Houthi rebels in Yemen, putting more pressure on global oil shipping routes as the US-Iran war stretches into its seventh month.

Riyadh on Friday said it had shut the pipeline as a precaution, as satellite images of scorched ground and smoke near the site emerged.

www.bbc.co.uk

Saudi Arabia shuts key oil pipeline after drone attack launched from Iraq

Iraq removes a military commander and opens investigations into the attack that came from an area bordering Iran.
www.bbc.co.uk www.bbc.co.uk
 
On that Houthi advance, they've swept 80 miles down the coast, giving Iran the opportunity of proxy access to threaten shipping in another strait - the one leading into the Red Sea and Suez. In Monopoly game terms, Iran just completed the dark blue set and are thinking about building hotels. Your roll of the dice, Trump.

www.bbc.co.uk

Lightning Houthi advance in Yemen may bring dangerous new dimension to Iran war

The capture by the rebels of a stretch of Yemen's strategic coastline is the group's most impressive military coup for several years.
www.bbc.co.uk www.bbc.co.uk
 
Jack by the hedge said:
On that Houthi advance, they've swept 80 miles down the coast, giving Iran the opportunity of proxy access to threaten shipping in another strait - the one leading into the Red Sea and Suez. In Monopoly game terms, Iran just completed the dark blue set and are thinking about building hotels. Your roll of the dice, Trump.

www.bbc.co.uk

Lightning Houthi advance in Yemen may bring dangerous new dimension to Iran war

The capture by the rebels of a stretch of Yemen's strategic coastline is the group's most impressive military coup for several years.
www.bbc.co.uk www.bbc.co.uk
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Sorry, the meanies in Norway wouldn't give him a noble peace prize, so now he has no interest in fixing the problem.
 
The Great Zaganza said:
for all kinds of factors probably going to be bigger than the 70's crisis - we waited too long, hoping things will work out and didn't start cutting back months ago.
Click to expand...

Demand destruction has helped, but I've been surprised at the continuing low price of oil. You're right that everyone expected a resolution and have used reserves.

Unless there's a solution soon, things will get very ugly.
 
The Atheist said:
Demand destruction has helped, but I've been surprised at the continuing low price of oil. You're right that everyone expected a resolution and have used reserves.
Click to expand...
The price of crude oil briefly dipped below $70/barrel in late June, but is back to about $105/barrel. Current prices are almost as high as they've ever been, though not quite as high as in the first half of 2022.
 
The question now is how much crude oil companies managed to squirrel away on old tankers that they won't unload until maximum profit can be achieved.
 
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