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Int'l Oil Prices Soar ~4% as Saudi Arabia/ UAE Reportedly Near Joining Iran War
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Saudi Arabia and the UAE are gradually moving closer to joining the war against Iran, which may signal an escalation of the conflict, the Wall Street Journal reported. Saudi Arabia reportedly allowed the US military to use the King Fahd Air Base, changing its previous stance of not allowing its facilities or airspace to be used for attacks on Iran. Meanwhile, the UAE recently closed the Iranian Hospital and Iranian Club in Dubai to cripple the support Iran receives. Saudi Crown Prince Mohammed bin Salman is now eager to rebuild deterrence and is close to deciding to join the offensive, with Saudi participation in the war expected to be a matter of time. Following the report, oil prices picked up, with Brent oil futures for May delivery soaring 3.87% to USD103.81 per barrel, and New York oil futures for May leaping 4.07% to USD91.72 per barrel. Arab officials said, as quoted by report, that the leaders of Gulf countries, particularly the leaders of the UAE and Saudi Arabia, are pressuring Trump to completely destroy Iran's military capabilities before the US military concludes its operations. AASTOCKS Financial News Website: www.aastocks.com |
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