Saudi Arabia’s Hormuz bypass has been shut, Yanbu stocks are finite, and emergency reserves are already being drawn. The question is whether repairs and replacement supplies arrive in time.
The Congressional Budget Office says the U.S. war against Iran has cost about $38 billion through August 1 and could add up to $3 billion for every additional month.
Some physical European oil cargoes have risen above $130 a barrel, with North Sea Forties reaching $136.75 as buyers seek alternatives to disrupted Saudi supplies.
Saudi Arabia has issued emergency alerts across several cities as Houthi missile and drone attacks intensify, with 13 civilians injured and critical oil infrastructure already disrupted.
The Houthis say they launched dozens of missiles and drones at a Saudi military airbase as Gulf states postpone talks with Iran over reopening Hormuz.
Oil prices jumped more than $3 as fresh attacks hit Saudi Arabia and shipping in Hormuz while the Saudi pipeline designed to bypass the strait remains offline.
Saudi Arabia may have only five to seven days of export stocks if its damaged East-West pipeline does not restart, putting around 4% of global oil supply at risk.
An Iranian commercial vessel has been struck by a projectile in the Strait of Hormuz, killing one person and wounding at least three.
A vessel has been struck by a projectile in the Strait of Hormuz as attacks expose vulnerabilities in both the Gulf oil chokepoint and Saudi Arabia’s principal bypass.
Iran says an emerging understanding with Oman does not immediately reopen the Strait of Hormuz and has characterised it as a step towards Iranian sovereignty over the waterway.
