Saudi Arabia, Pakistan, Turkey Unite Against Middle East Turmoil

Saudi Arabia, Pakistan, and Turkey are set to sign a joint defense cooperation agreement in response to the ongoing turmoil in the Middle East. The move comes as the region grapples with the aftermath of the US-Israel war with Iran, which has created a power vacuum that these three Sunni Muslim powers feel compelled to address.

The agreement is expected to be signed on Friday, and details of each country's commitments are still unclear. However, it's believed that Saudi Arabia, the world's largest crude oil exporter, will play a key role in the deal, while Turkey, with its large NATO army, will provide military backing.

Pakistan, a nuclear-armed nation and the only Muslim country to possess nuclear weapons, is also expected to contribute significantly to the agreement. The three countries have been trying to mediate in the US-Iran talks and negotiate with Iran over the passage of energy commodities through the Strait of Hormuz, which remains mostly closed due to the war.

The war has had a significant impact on global oil markets, with vessel traffic through the Strait of Hormuz declining sharply this week. Only six crude oil tankers have managed to clear the strait outbound so far this week, according to Kpler's ship-tracking data.