Written by: Salma Al-Saqqa
US President Donald Trump has accused Iran of attempting to exploit political tensions to raise global oil prices, ahead of the midterm elections in the United States scheduled for November 3.
Accusations regarding the manipulation of energy markets
Trump indicated that Tehran is striving to increase crude prices by fabricating claims related to attacks, explosions, and the planting of sea mines in the Strait of Hormuz. He explained that these allegations regarding the targeting of ships are not based on reality, confirming at the same time that the quantities of oil passing through the strategic strait have seen an increase in flows compared to what they were before the conflicts broke out.
Navigation tensions in the Strait of Hormuz
These statements come at a time when the region is witnessing an escalation in military tensions between the United States and Iran, which has cast a shadow over navigation in the Strait of Hormuz, one of the most important waterways for securing global oil and gas supplies. Recent reports have circulated news of oil tankers being subjected to accidents, explosions, and fires, amid an exchange of accusations regarding who is responsible for those incidents.
The impact of security risks on markets
International concerns are growing over the expansion of the military confrontation and its direct impact on the stability of global energy supplies. Security threats facing commercial vessels are contributing to the disruption of navigation, leading to higher levels of risk and costs associated with oil transport operations, which keeps global markets in a state of high alert and sensitivity to any field developments in the region.
