Iran Eyes US Midterm Elections with High-Stakes Oil Price Gamble

The Iranian government is reportedly planning to strike Saudi Arabia's Yanbu oil export terminal and the UAE's Fujairah transshipment hub, aiming to disrupt over 10 million barrels per day of global crude supply.

This move is seen as a strategic attempt to drive up US gasoline prices and inflationary pressures ahead of the November midterm elections, thereby undermining the Trump administration's support among voters.

The plan, which has been endorsed by Majid Shakeri, an advisor to the speaker of Iran's parliament, involves targeting bypass routes for Persian Gulf oil exports, including the Yanbu pipeline terminal on the Red Sea side and the Fujairah transshipment center located outside the Strait of Hormuz.

The combined daily capacity of these two facilities is approximately 5.5 million barrels, with a potential supply shortfall exceeding 10 million barrels per day if operations are carried out as planned.