International News
Saudi Shares Plunge After Drone Strikes Target Vital Oil Pipeline
Saudi Arabian shares fell in early trading on Sunday after drone strikes targeted the kingdom’s vital East-West crude oil pipeline, raising fresh concerns over regional oil supplies and infrastructure security.
Saudi Arabia’s benchmark index dropped 1%, weighed down by declines in major companies. Al Rajhi Bank fell 0.8%, while Saudi Arabian Mining Company declined 2.4%.
ALSO READ: Saudi Oil Pipeline Attack: How the Shutdown Could Hit Global Economy
Oil giant Saudi Aramco also slipped 1.1%, while Rabigh Refining and Petrochemical Company plunged 7.3%, making it the session’s worst performer.
The sell-off followed the precautionary shutdown of the East-West pipeline after aerial strikes on Thursday hit installations across the Riyadh and Medina regions, causing several injuries.
Saudi Arabia and Iraq both traced the attacks to Iraqi territory, where Iran-backed militias operate. The Iraqi government subsequently dismissed a senior military commander on Saturday.
Riyadh has so far held off on immediate military retaliation following an appeal from Iraq’s prime minister, while asserting its right to defend its sovereignty and critical infrastructure.
The tensions escalated further after U.S. President Donald Trump directly blamed Iran for the strikes on Saturday.
The East-West pipeline is a critical route for Saudi Arabia because it provides an alternative for crude exports that bypasses the Strait of Hormuz.
The latest disruption has highlighted the vulnerability of regional oil infrastructure.
Previous attacks on Saudi energy facilities cut the kingdom’s crude production by 2.3 million barrels per day to about 6 million barrels per day, its lowest level in three decades, according to the International Energy Agency.
Elsewhere in the Gulf, Qatar’s benchmark index rose 0.2%, bucking the regional trend, helped by gains in petrochemical producer Industries Qatar.
Meanwhile, Gulf foreign ministers are planning to meet their Iranian counterpart as part of an Oman-backed effort to secure an interim agreement on managing traffic through the Strait of Hormuz.
International News
How the Strait of Hormuz Attack Could Trigger a Fresh Global Oil Shock
A fresh report of an attack on a vessel in the Strait of Hormuz has intensified fears over global oil supplies, as escalating attacks across the Middle East threaten two of the region’s most important energy and shipping corridors.
The British navy-affiliated United Kingdom Maritime Trade Operations (UKMTO) said early Sunday, that it had received a report of a projectile striking a vessel as it travelled through the Strait of Hormuz.
The latest incident came just a day after Saudi Arabia temporarily shut down its vital East-West oil pipeline following a drone attack, adding another layer of uncertainty to global energy markets.
RELATED NEWS: JUST IN: Iran Blames ‘US Terrorist Enemy’ for Deadly Hormuz Ship Attack
The developments have raised concerns that continued attacks could further restrict oil shipments and push energy prices even higher after Brent crude surged back above $100 a barrel during the past week.
Saudi Arabia Shuts Vital Oil Pipeline
Biztellers report on Saturday that Saudi Arabia announced the temporary closure of its 1,200-kilometre (745-mile) East-West pipeline as a precaution after a drone attack.
Both Riyadh and Baghdad said the drones originated in Iraq, where Iranian-backed militias operate.
The pipeline has become a critical alternative route for Saudi oil exports because the Strait of Hormuz has been largely shut by the ongoing war.
It has been carrying between 4 million and 5 million barrels of oil per day, equivalent to around 4% to 5% of global oil supply.
The pipeline’s role has helped Saudi Arabia avoid some of the disruption that has hit other Gulf oil and gas exporters.
There was no immediate claim of responsibility for the pipeline attack.
Satellite images showed black smoke rising from an area of the pipeline south of Medina. Saudi Arabia’s Foreign Ministry said the attack caused some injuries and damage that was being assessed, but it did not provide details about the impact on oil exports.
U.S. President Donald Trump said on Saturday that Iran was probably responsible for the attack.
Houthi Attacks Add to Energy Supply Fears
The threat to energy infrastructure is also spreading across the Red Sea.
On Saturday, Saudi Civil Defence said a projectile fired by the Houthis injured two people in the Jazan region and damaged several buildings, including a mosque.
The developments came as the Houthis expanded their offensive along the Red Sea, creating an additional challenge for Washington and increasing concerns about the security of the region’s major energy and shipping routes.
Four Yemeni government sources told Reuters that the Houthis seized the strategic island of Perim on Friday, September 11, in the middle of the Bab el-Mandeb Strait — the “Gate of Tears” at the southern entrance to the Red Sea.
The Houthis have been attacking Saudi ships in the area since declaring a blockade in July and have also targeted other Saudi oil facilities.
Saudi Crown Prince Seeks U.S. Military Help
The widening attacks have also created a difficult decision for Washington over whether to directly support Saudi Arabia against the Houthis and risk expanding the war.
Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, called Trump on Thursday, September 10, and asked for U.S. military assistance in fighting the Houthis, according to three sources who spoke to Reuters.
The sources said the crown prince was told that Washington would not intervene directly for now but would provide intelligence support.
Trump confirmed on Saturday that he had spoken with the crown prince.
He also said the Houthis had contacted his administration and asked Washington not to become directly involved in the conflict.
Meanwhile, oil prices have climbed sharply during the past week, while the retail price of diesel in the United States surged above a record $6 per gallon.
Iran Plays Down Prospects of Oman Talks
The latest attacks came shortly before planned talks involving Iran and Gulf Arab states in Oman.
Iran’s Foreign Ministry announced on Friday, September 11, that Iran would attend a meeting with Gulf Arab states in Oman on Monday, September 14, where the future of the Strait of Hormuz would be discussed.
However, a senior Iranian official speaking to Reuters on Saturday played down expectations of a breakthrough.
The official said the meeting, which was initiated by Oman, would discuss issues including the Strait of Hormuz but was not expected to produce a signed agreement.
Iranian parliament national security committee chief Ebrahim Azizi also warned that Tehran would not consider negotiations useful unless Washington accepted Iran’s conditions.
“As long as the American side does not accept all of Iran’s conditions, dialogue and negotiation are of no use,” Azizi said in a post on X on Saturday.
A source cited by Iran’s Tasnim news agency said an agreement concerning routes through the Strait of Hormuz between Iran and Oman would be presented at Monday’s meeting.
However, the source said the strait would not reopen unless seven conditions conveyed by Iran to the United States were met, without elaborating on the conditions.
Iran wants its control of the Strait of Hormuz to be recognised, which would allow it to collect fees from ships using the waterway.
Washington rejects that demand.
Oman, which controls the opposite bank of the strait, says it is negotiating with the agreement of other regional states.
Before the war began, ships had free and open passage through the Strait of Hormuz.
Global Oil Market Faces Fresh Pressure
The latest vessel attack report, the death and injuries reported aboard an Iranian commercial vessel, Saudi Arabia’s pipeline shutdown and the expanding Houthi offensive have combined to raise concerns about further disruption to the global energy market.
The 1,200-kilometre East-West pipeline had provided an important alternative route for Saudi oil exports while the Strait of Hormuz was largely shut by the war.
With that pipeline now temporarily closed and shipping through the Strait facing renewed security threats, further disruption could place additional pressure on already-tight oil supplies.
For global consumers and oil-importing economies, the developments create the possibility of higher crude prices, increased fuel costs and broader economic pressure if the disruption continues.
International News
Iran Signals Nuclear Policy Shift, Says Quitting NPT Could ‘Put America in Its Place’
Iran has signalled that withdrawing from the Nuclear Non-Proliferation Treaty (NPT) and revising its nuclear doctrine are possible options, with a senior parliamentary spokesman describing both steps as “fully achievable.”
Abbas Goudarzi, spokesperson for the presidium of Iran’s parliament, made the remarks on Sunday, saying that only the “logic of power” works with the United States.
READ ALSO: JUST IN: Iran Blames ‘US Terrorist Enemy’ for Deadly Hormuz Ship Attack
According to Iran’s Fars news agency, Goudarzi said that leaving the NPT and reconsidering Iran’s nuclear doctrine would “put America and its followers in their place.”
He described withdrawal from the Nuclear Non-Proliferation Treaty and a revision of Iran’s nuclear doctrine as “a completely achievable and readily attainable step.”
Goudarzi also warned against trusting the United States, saying that doing so amounts to accepting deception.
“Trusting the United States amounts to accepting deception,” he said.
His comments came after reports on Saturday that a group of Iranian lawmakers had signed a three-urgency plan seeking Iran’s withdrawal from the NPT.
International News
JUST IN: Iran Blames ‘US Terrorist Enemy’ for Deadly Hormuz Ship Attack
An Iranian commercial vessel was struck early Sunday off Qeshm Island near the Strait of Hormuz, killing one person and injuring three others, according to Iranian state-run media.
The United Kingdom Maritime Trade Operations (UKMTO) separately reported that a vessel was hit by a projectile while transiting the Strait of Hormuz, but gave no further details about the incident.
READ ALSO: BRICS Breaks Silence on U.S.-Iran Strikes, Demands ‘Maximum Restraint’
There was no immediate comment from the U.S. military, which has previously carried out strikes against Iranian-flagged vessels as the blockade of Iranian ports continues.
Following the strike, Iranian state broadcaster IRIB, citing Qeshm Governor Amir Teymouri, described the incident as an attack by the “US terrorist enemy.”
The latest incident comes amid escalating tensions around the Strait of Hormuz, a crucial international waterway that has become a major flashpoint since the United States and Israel launched their war against Iran on February 28.
The Strait was previously regarded as an international waterway, but the ongoing conflict has increasingly disrupted shipping and raised concerns over the safety of commercial vessels and global energy supplies.
Iran said Saturday that foreign ministers from regional countries will meet to discuss efforts by Iran and Oman, which lies on the other side of the Strait, to manage shipping through the strategic waterway.
Details later…….





