The Saudi energy ministry said on the 22nd (local time) it did not buy 25 tankers and called Iraq’s claim that Saudi purchases pushed up Iraqi crude shipping costs false. The ministry said the sharp rise in crude transport costs reflects regional tensions, disruptions to shipping in the Strait of Hormuz and higher shipping risk and insurance premiums, not Saudi tanker purchases.

2026-09-23

The Saudi energy ministry said on the 22nd (local time) it did not buy 25 tankers and called Iraq’s claim that Saudi purchases pushed up Iraqi crude shipping costs false. The ministry said the sharp rise in crude transport costs reflects regional tensions, disruptions to shipping in the Strait of Hormuz and higher shipping risk and insurance premiums, not Saudi tanker purchases.