Saudi Aramco Drone Attack: The devastating impact of the escalating war in the Middle East is now being seen on the global energy market, where Iran has launched a drone attack on Saudi Arabia’s state-owned oil company Aramco’s ‘Ras Tanura’ refinery. Following this attack, the refinery was shut down as a precaution, leading to an energy crisis across the world, due to which Brent crude oil prices have increased by a whopping 9.32%.
Crude oil prices have reached their highest level in the last four years, i.e. $80 per barrel, due to disruption of shipping services in the Strait of Hormuz, which is the route for 20% of the world’s oil supply. If this situation continues for a long time, there is a fear of a surge in inflation at the international level.
High alert in the Middle East: Rising tensions due to baseless attacks
The dispute became more intense when the US president and Israel launched missile strikes on Iran on Saturday. In retaliation for this attack, Tehran has launched a series of attacks on Israel and US military bases, as well as Saudi Arabia, Qatar and the UAE. The Saudi Foreign Ministry has strongly criticized these attacks, calling them baseless. The Saudi government has emphasized that it has not allowed its land or airspace to be used in any operation against Iran, yet this action by Iran is completely unacceptable.
Fear of supply chain disruption
There is currently a situation of great instability in the global market. If the Strait of Hormuz remains closed for a long time, the international supply chain may come to a standstill, which will ultimately lead to a major surge in inflation worldwide. Saudi authorities have summoned the Iranian ambassador in Riyadh to express strong protest over the attacks, which have raised eyebrows. After the tough stance of the American president and the Netanyahu government, the clouds of war have now loomed over the Gulf countries, which is feared to have a devastating impact on the common people and the world economy.
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