Saudi Arabia · Strait of Hormuz · Iran · United Arab Emirates · Financial Times · Fortune Technology
After Iran closed the Strait of Hormuz, the Bab al-Mandab Strait became a vital bypass for Saudi Arabia
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While facing threats to its oil exports, Saudi Arabia isn’t getting much support from its own allies.
Key facts
- Brent crude oil prices tumbled 2.9% to $104.52 a barrel on Friday
- Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet their Iranian counterpart on Monday, Financial Times
- To regain the upper hand, Iran recently launched fresh missile salvos at U.S. bases in the region, attacked U.S. warships, and helped its Houthi allies in Yemen seize territory near the Bab al-Mandab
- After Iran closed the Strait of Hormuz, the Bab al-Mandab Strait became a vital bypass for Saudi Arabia, which diverted oil from the Gulf to the Red Sea via its East-West Pipeline
Summary
After weeks when Middle East diplomacy seemed dead in the water, a rare meeting between Iran and its Persian Gulf neighbors has renewed hope for a deal that could fully reopen the Strait of Hormuz. Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet their Iranian counterpart on Monday, Financial Times. Brent crude oil prices tumbled 2.9% to $104.52 a barrel on Friday. It would be the first such gathering since the U.S. and Israel launched their war on Tehran and also comes as Oman and Iran seek to build support on a deal the two countries have been crafting to temporarily manage traffic in the Strait of Hormuz, the report added. For now, the U.S. and Iran have been locked in a stalemate over the global energy chokepoint.