To combat Iran, Trump seeks new alliance in the Middle East

To combat Iran, Trump seeks new alliance in the Middle East

Brent futures rose 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day high in earlier trading.

"In the interest of the safety of ships and their crews and to avoid the risk of oil spill, Saudi Aramco has temporarily halted all oil shipments through Bab El-Mandeb with immediate effect".

"The VLCC suffered minor damage and no human injuries or environmental damage have been reported", the company said in a statement sent to TradeWinds, without elaborating further or identifying the ship. "With oil now at $70 per barrel, a disruption in shipping in the Strait of Hormuz would lead to a $175 a barrel price increase, for a total of $245 per barrel, as shown in the graph", said Forbes.

The United States has been doing all it can to curb the growing influence of Iran in the region is support of its major allies; Saudi Arabia.

A statement from Khalid Al Falih, Saudi Arabia's energy minister, revealed the decision to halt tanker movements after two vessels operated by the Saudi shipping group Bahri, each with a two-million-barrel capacity, were attacked. That could offset a bottleneck caused by Bab Al Mandeb's closure.

The Bab al-Mandab Strait, one of the world's busiest shipping routes, is the southern entrance to the Red Sea.

The chairman of the Kuwait Oil Tanker Company said the country was considering whether to follow suit.

View of the Red Sea port city of Hodeidah, Yemen, June 14, 2018.

"The Red Sea, which was secure, is no longer secure with the American presence".

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Although Mr. Trump's tweet had been aimed at Hassan Rouhani, the Iranian president, General Soleimani told the United States president to address him instead of Mr. Rouhani.

The United States would play an organizing and supporting role while staying outside the anti-Iran alliance, the reports added.

It looks likely Iran ordered Houthis to launch attacks on oil shipment routes, with the goal of creating oil supply instability that will reverberate around the world, and drive prices to the roof.

The response came after Iranian President Hassan Rouhani earlier Sunday issued his own warning to the U.S. leader not to "play with the lion's tail", saying that conflict with Iran would be the "mother of all wars".

Oil prices climbed on Thursday after Saudi Arabia closed a strategic shipping lane.

Mr. Trump has fired the first salvo after Iranian Lawmakers had insulted the U.S. while burning USA flags in the Iranian parliament in protest of the United States withdrawal from the nuclear deal signed by former President Barrack Obama. They accuse Iran of supplying the Houthis with weapons including missiles, which the group and Tehran deny.

'The systematic attacks on maritime navigation is a mindless terrorist act, ' UAE Minister of State for Foreign Affairs Anwar Gargash said in a Twitter post on Thursday.

The United Nations fears cutting off Hodeidah, a lifeline for millions of Yemenis, risks triggering a starvation in the impoverished country.

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