Saudi Arabia reported intercepting and destroying more than 20 Iranian drones in its eastern province early Saturday, escalating a tit-for-tat exchange of attacks between Iran and Israel that has sent shockwaves through global energy markets and raised fears of a wider regional conflict.
The drone attacks followed a Friday that saw blasts hit Tehran, with Israel accusing Iran of retaliating by targeting holy sites in Jerusalem, including areas near the Al-Aqsa Mosque, the Western Wall, and the Church of the Holy Sepulchre. Prior to that, drone attacks struck Kuwait’s Mina Al-Ahmadi refinery, causing a fire that was subsequently contained, and Qatar’s Ras Laffan natural gas facility, sustaining damage a day earlier.
Iran has effectively blockaded the Strait of Hormuz, a critical waterway through which approximately 20 percent of the world’s oil supply transits, permitting passage only to vessels not affiliated with the United States or its allies. Mohammad Fathali, Iran’s ambassador to India, stated Saturday that Tehran had allowed some Indian vessels to pass through the strait, a rare exception to the blockade. No specific number of vessels was confirmed.
The disruption to oil supplies has already driven up crude prices, with Brent crude rising 3.26 percent on Friday to US$112.19 a barrel. Prior to the recent hostilities, Brent crude traded around $65 a barrel. Wall Street responded negatively to the price surge, with stocks closing sharply lower amid concerns that prolonged supply disruptions could trigger a global economic downturn.
The United States has begun military action to counter Iran’s blockade, though the extent of its success remains unclear. American military commanders are attempting to counter Iran’s ability to effectively prevent most merchant vessels from traversing the strait, according to reports.
Further complicating the situation, the Israeli military launched strikes on Beirut, Lebanon, targeting the Iran-backed militant group Hezbollah early Saturday, following calls for evacuations in several areas. Türkiye criticized Israel’s strikes on Syrian army camps in southern Syria, labeling them a “dangerous escalation.” Syria has, so far, remained uninvolved in the broader conflict.
Iranian Foreign Minister Abbas Araghchi indicated Sunday that Tehran had received requests from several countries for safe passage for their vessels through the Strait of Hormuz, stating that the decision to grant passage rested with the Iranian military. A Pakistani-flagged Aframax tanker, the Karachi, sailed through the strait on Sunday, according to Bloomberg News.
The Strait of Hormuz, a narrow waterway between Iran and the Musandam Peninsula shared by Oman and the United Arab Emirates, is approximately 104 miles long and varies in width from 24 to 60 miles. It is a vital chokepoint for global energy supplies, handling a significant percentage of the world’s liquefied natural gas and seaborne oil trade.
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