Saudi Arabia Rejects Iraqi Claims on Oil Tanker Purchases

Saudi Arabia has denied claims by Iraqi officials that it had purchased 25 oil tankers. The Saudi Ministry of Energy stated that the claim was 'incorrect' and that the Kingdom's commercial and investment decisions were based on its needs and interests.

The ministry attributed the sharp increase in oil transportation costs to factors such as military escalation, Iranian attacks on vessels, disruptions to navigation through the Strait of Hormuz, increased shipping risks, and insurance costs. These factors had pushed regional shipping costs to 'exceptional levels', according to the ministry.