Saudi Arabia Denies Buying 25 Oil Tankers Amid Rising Transport Costs

Saudi Arabia has denied claims by Iraqi Oil Minister Basim Mohammed that it bought 25 oil tankers worth an estimated $4.5 billion.

The dispute began when Mohammed said transport costs had risen from $26 per barrel to $37 per barrel, and linked the increase to Saudi Arabia's alleged purchases of the tankers.

Saudi Arabia's energy ministry attributed the rise in oil transport costs to several factors, including regional military conflict and disruption to navigation through the Strait of Hormuz.

The dispute between the two major OPEC producers comes as attacks on Saudi cities, energy infrastructure, and shipping continue, raising concerns about global oil supplies.