Middle East conflict: Oil trades above $115/bbl as US and Iran trade counter-accusations
Brent crude’s price has held above the $115/bbl mark as Washington and Tehran exchange fresh counter-accusations over maritime control in the Middle East.
IMAGE: Flags of the US and Iran. Getty Images
The US Central Command (CENTCOM) has dismissed claims by Iran’s Islamic Revolutionary Guard Corps (IRGC) that it controls the Strait of Hormuz, amid escalating regional hostilities.
Iran's IRGC has claimed that US naval forces have abandoned the Strait of Hormuz by moving “hundreds of kilometres away.”
The US military has labelled the claim as disinformation, calling it “false” on social media platform X.
According to CENTCOM, US forces deployed in the Middle East remain present within the Strait of Hormuz and surrounding waters.
“U.S. forces and regional partners control the international waterway — clearly not Iran,” CENTCOM said.
About 18 vessels attempted to transit the Strait of Hormuz on Monday – five inbound and 13 outbound, according to market intelligence provider Windward. Four of these vessels moved in dark mode.
Although Monday’s vessel traffic was higher than the 13 crossings recorded on Friday, as vessel traffic remains well below the pre-war average of 140 daily transits.
Houthis escalate strikes on Saudi energy infrastructure
Brent crude’s price has remained supported as concerns over supply disruptions in the Persian Gulf continue to mount.
Yemen’s Iran-aligned Houthi militants claimed to have attacked Saudi Arabia’s Ras Tanura refinery yesterday. The complex was hit with a ballistic missile, Houthi spokesperson Yahya Sare’e said on social media platform Telegram.
The militant group also claimed strikes on Saudi Arabia's Defense Ministry in Riyadh, as well as attacks on military aircraft and international airports.
Saudi Arabian authorities have not yet confirmed the missile strike on the refinery, which has an average production capacity of 550,000 b/d. The Ras Tanura complex serves as both a major refining hub and a critical Persian Gulf export artery.
Adding to the concerns, a Wall Street Journal report said Washington had warned several Gulf countries to prepare for an intense military campaign right after the 3 November US mid-term elections.
Recent strikes on Saudi energy infrastructure and reports of a potential US strike on Iran underscore the total collapse of recent diplomatic talks, leaving regional peace and a return to normal crude supply seemingly out of reach.
By Aparupa Mazumder
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