Oil Prices Rise After Drone Attack Of Pumping Station In Saudi Arabia

A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo Japan

A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo Japan

But the drone attack did not serve the Houthis strategy particularly at this time, and proved the opposite, showing their real intention of escalating tension, he added.

Tuesday's drone strikes hit two pumping stations on the kingdom's east-west pipeline, which can carry five million barrels of crude per day and provides a strategic alternative route for Saudi exports if the shipping lane from the Gulf through the Strait of Hormuz is closed.

The Muslim World League and the Council of Arab Ministers of Interior were among the first to slam the acts of sabotage which they described as not only a threat to Middle East and world security but also the stability of global energy supplies.

That included two pumping stations along its critical East-West Pipeline, which can carry almost 5 million barrels of crude a day to the Red Sea.

US crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.

The energy minister of Saudi Arabia, the world's largest oil exporter, said the latest attacks caused a fire, now contained, and minor damage at one pump station, but did not disrupt oil output or exports of crude and petroleum products.

Iran's supreme leader issued a veiled threat in the same speech in which he stated that "no one is seeking war", saying it wouldn't be hard for the Islamic Republic to enrich uranium to weapons-grade levels amid rising tensions with the US, state media reported Wednesday.

French soldiers killed freeing 4 captives in West Africa
Pendjari National Park is part of a vast wildlife area that stretches across the countries of Benin , Burkina Faso and Niger. The identity of the kidnappers is still unknown, and the American and South Korean hostages, who are female, remain unnamed.

The MT Andrea Victory, one of the alleged targets, sustained a hole in its hull just above its waterline from "an unknown object", its owner Thome Ship Management said in a statement. "It is easy to throw accusations but it is a hard situation, there are serious issues and among them is Iranian behaviour", he said, mentioning concern about Iran's missiles and regional policy.

China on Monday ignored a warning from US President Donald Trump and moved to impose higher tariffs on a range of US goods including liquefied natural gas (LNG).

However, he blamed "Iranian behaviour" for Gulf tensions.

"On Iran, it doesn't really help to hear Foreign Minister Zarif trying to offer a moderate voice with regards to Iran's intentions", Gargash said.

Fighter jets of the Arab coalition to restore legitimacy in Yemen carried out airstrikes on a Houthi camp, killing insurgents and destroying combat vehicles, the Saudi Press Agency reported on Wednesday. USA intelligence sources have alleged Iran is behind the unexplained attacks, but added Washington does not have enough proof to back that claim.

OPEC giant Saudi Arabia now pumps around 10 million barrels per day, of which around seven million are exported - mostly through the Strait of Hormuz.

May 15: The U.S. Embassy in Baghdad orders all nonessential government staff to leave Iraq immediately. "And if we did that, we'd send a hell of a lot more troops than that", Trump told reporters. Though Iran maintains its nuclear program is for peaceful purposes, scientists say the time needed to reach the 90% threshold for weapons-grade uranium is halved once uranium is enriched to around 20%. "I'm sure that Iran will want to talk soon". Reports have stated that it would be economic suicide for Iran to continue to provoke the United States. He repeated that Tehran would not negotiate with Washington over Iran's 2015 nuclear deal with major powers.

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