Saudi Arabia Denies Purchase of 25 Oil Tankers

Saudi Arabia's energy ministry has denied claims by Iraqi Oil Minister Basim Mohammed that the kingdom purchased 25 oil tankers valued at approximately $4.5 billion.

Mohammed made this assertion during a parliamentary session in Iraq, linking these alleged acquisitions to rising shipping costs for transporting Iraqi oil.

The Iraqi oil minister stated that transport costs had climbed from $26 per barrel to $37 per barrel, citing the need for Saudi Arabia's purchases as a solution to this issue.

Saudi Arabia's energy ministry countered by stating that the increase in oil transport costs resulted from multiple factors, including regional military conflict and disruption to navigation through the Strait of Hormuz.