How Iran Just Broke the U.S. Oil Shield In Saudi Arabia Yet Again

Oil Prices Plunge as Draft Proposal to End U.S.-Iran War is Circulated

Simon Watkins is a former senior FX trader and salesman, financial journalist, and best-selling author. He was Head of Forex Institutional Sales and Trading for…

The attacks last week in Saudi Arabia’s largest oil refinery, Ras Tanura (again), by the Iran-backed Houthis (again), which pushed oil prices up (again), once more underlined the powerlessness of the region to properly defend itself from Iran and its network of proxies and the redundancy of the billions of dollars’ worth of defence equipment the region’s countries bought from the U.S. to do precisely this. Aside from reminding Washington and its allies that Tehran can strike wherever and whenever it chooses to in the region, the resultant jump in oil prices further highlighted that it is Iran that holds much of the price trajectory of this asset in its hands and not the U.S. The fact that these attacks came just before the 3 November U.S. Mid-Term elections also demonstrated that things have become very personal now between the remaining leadership of the Islamic Republic and their counterpart in Washington, President Donald Trump.

This story was originally published by OilPrice.com. Read the full story at OilPrice.com →