Saudi Arabia News

Most Gulf bourses ended higher on Tuesday as diplomatic efforts to de-escalate the Middle East conflict gathered pace, a day after Saudi, Turkish and Pakistani officials held talks in Tehran. It was the first high-level contact between Iran and the three allies, who signed a mutual defence pact in August, since the US-Israeli strikes on Iran triggered a war that spread to Saudi Arabia and Yemen. Saudi Arabia's benchmark index advanced 2.3%, led by a 2.8% jump in Al Rajhi Bank, while First Milling Company soared 9.9% after the flour miller reported a steep rise in quarterly profit.

Top officials from Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran on Monday in a bid to de-escalate the Middle East conflict, as Yemen's Houthis launched new attacks on Saudi Arabia and Egypt approved defence support for the Gulf kingdom.The talks were the first high-level contact between Iran and the three nations — which signed the Mecca mutual defence pact in August — since a war that began with US and Israeli strikes on Iran also spread to Saudi Arabia and…

Oil prices climbed about 2% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region.Brent futures rose $2.42, or 2.2%, to $111.24 a barrel at 10:45 a.m. EDT (1445 GMT), while US West Texas Intermediate (WTI) crude rose $1.14, or 1.2%, to $98.29.That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18.Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain…

Turkey is sending mainly defensive and technical support to Saudi Arabia to help it fight Yemen's Iran-aligned Houthis, two officials said on Wednesday, after the NATO member and Pakistan pledged to act on the collective defence commitment of their newly formed alliance.Turkey, Pakistan and Saudi Arabia signed the Mecca Joint Defence Agreement in August, under which an armed attack on one member constituted an attack on all. They have been working to set the parameters of the new alliance and have held political and military meetings in response to the Houthi attacks.On Monday…

Euronext wheat rose on Monday to reach three-week highs as a falling euro, continuing war disruption to Black Sea shipping and a large purchase by Saudi Arabia supported prices, traders said.Benchmark December milling wheat on the Paris-based Euronext ended the daytime trading session at 1630 GMT, up 1.6% at €245.50 ($275) a metric ton, rising for a third straight session.The contract earlier hit its highest since September 10 at €246.25, with a chart gap created at the open adding technical impetus. Chicago wheat also rose.

Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, according to trade sources and shipping data, improving the outlook for oil exports from the Middle East.The resumption of Yanbu loadings, halted earlier this month after a drone attack on the pipeline, weighed on global oil prices on Monday as it added to signs of increased flows from the Middle East, from which the US war with Iran has throttled…

Oil prices fell about 1% on Friday as markets weighed the possibility of a truce between the US and Iran against concerns that increasing attacks against Saudi Arabia by Houthi fighters could disrupt supply from the Middle Eastern producer.Brent futures were down $1.14, or 1.1%, at $105.46 a barrel by 10:03 a.m. EDT (1403 GMT), while West Texas Intermediate (WTI) crude fell $1.05, also 1.1%, to $93.56.That put Brent up about 2% for the week and WTI down about 7%.US and Iranian…

The cost of insuring an oil tanker loaded from Saudi Arabia's main Red Sea port has tripled in recent weeks, industry sources told Reuters, adding to the major crude producer's struggles to find a viable channel for its exports.Saudi Arabia used its East-West pipeline to divert around 4 million barrels per day - 4% of global supply - to the Red Sea after Iran constrained Gulf exports via the Strait of Hormuz from March in response to US and Israeli air strikes.The kingdom shut the pipeline on September 11 after drone attacks that it said came from Iraq, where Iran backs some militia groups.

Saudi Arabia on Tuesday denied an Iraqi claim that it had bought 25 oil tankers, saying the information was inaccurate, after Iraq linked the alleged purchases to a sharp increase in the cost of shipping its crude.Iraqi Oil Minister Basim Mohammed told a parliamentary session that Saudi Arabia had bought 25 oil tankers worth an estimated $4.5 billion and said the purchases were behind a steep rise in the cost of transporting Iraqi oil. His remarks were published by an Iraqi media…

Saudi Aramco loaded about 14 million barrels of crude oil on seven VLCCs inside the Mideast Gulf on Sunday, data from TankerTrackers.com showed, as the kingdom increased loadings from Gulf export terminals after an attack disrupted shipments via its east-west pipeline to the Red Sea.The loadings add to signs of a partial recovery in Saudi shipments, with expectations of higher volumes weighing on oil prices on Monday and helping push the Brent benchmark below $100 a barrel for…

Oil company Saudi Aramco has told at least two European refining customers they will receive no crude oil next month following an attack on Saudi Arabia's key pipeline to the Red Sea, Bloomberg News reported on Friday, citing people familiar with the matter.European refiners typically buy Saudi crude under term contracts that guarantee monthly supplies, but Aramco has informed customers that next month's deliveries will not proceed, the report said.Saudi Arabia earlier informed…

Oil prices rose nearly $3 on Tuesday after a report said oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended, and Libya halted operations at three oil fields, heightening concerns that disruptions to key oil supply routes could persist for weeks.Brent crude futures were up $2.81, or 2.66%, at $108.49 a barrel at 1106 a.m. ET, while U.S. West Texas Intermediate CLc1 futures were up $3.29 at $104.68 a barrel. If prices hold, both contracts would be on track…

Yemen's Iran-aligned Houthis launched a new attack on Saudi Arabia on Monday and Gulf Arab states postponed planned talks with Iran, underscoring fears that the Middle East conflict could spread further and threaten global oil supplies.U.S. President Donald Trump said Iran wanted to reach a deal with Washington, signalling a possible diplomatic opening despite the widening regional tensions."The failing Nation of Iran wants to make a deal, quickly and badly. I will determine whether or not the U.S.A.

Yemen's Tehran-backed Houthis attacked four cities in the south of U.S. ally Saudi Arabia on Tuesday, wounding more than 70 people and setting oil installations ablaze in what appeared to be a major expansion of the six-month-old Middle East war.The Houthis, who control most of Yemen's populated areas including the capital, said they had launched a broad operation deep into Saudi territory. They used drones and missiles to strike a Saudi airbase in the southern city of Khamis Mushait…

Saudi Arabia, the world's biggest crude exporter, said on Wednesday that an Iranian attack on an oil tanker owned by its national shipping company had killed two Filipino seafarers.Sidr, owned by Bahri, was one of two supertankers carrying Saudi oil reported to have been hit late on Monday while transiting the Strait of Hormuz.Tehran has threatened tankers attempting to sail through the narrow waterway without authorisation, impeding energy exports from neighbouring oil-rich Gulf…

Yemen's Iran-aligned Houthis attacked a vessel off Saudi Arabia’s port city of Yanbu in the Red Sea, the group's military spokesperson Yahya Saree said in a televised speech on Monday.Saudi Arabia's national shipping company Bahri later said one of its vessels, the "Amzan", was involved in a maritime incident in the Red Sea earlier in the day, adding that all crew members were safe and no injuries had been reported.The company said it remained in contact with the vessel and was closely coordinating with the relevant authorities.Earlier, the United Kingdom Maritime Trade Operations agency said

Saudi crude exports from the Red Sea are increasingly vanishing from view as tankers switch off tracking signals to avoid attacks by Yemen's Iran-aligned Houthis, with analysts saying all recent Yanbu loadings have been conducted "dark".The Houthis declared a maritime embargo against Saudi Arabia on July 20, opening a new front against the United States and its allies in the Iran war.Since then, they have claimed attacks on Saudi-linked tankers, Yanbu oil facilities and, most recently…

Six Saudi-flagged supertankers have changed course in the Gulf of Aden in recent days and are heading to southern Africa following threats by Yemen’s Houthi movement to target Saudi shipping, tracking data showed on Monday.The tankers, which were empty of cargo after returning from destinations in Asia, were sailing in formation towards southern Africa, rather than opting to transit the southern Red Sea via the Bab el-Mandeb chokepoint, according to AIS ship-tracking on LSEG and MarineTraffic.One of the tankers…

Saudi Arabia on Thursday unveiled plans for a multinational maritime defence coalition aimed at protecting international shipping and energy supply routes in the Red Sea region after attacks by Yemen's Iran-aligned Houthis disrupted one of the world's busiest trade corridors.The Saudi defence ministry said representatives from 43 countries and the European Union attended an international meeting that discussed the proposed coalition, including Saudi Arabia serving as its founding and leading state and hosting its headquarters.The ministry said the coalition would strengthen maritime security…

Yemen's Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu.Saudi state oil giant Aramco did not immediately respond to a request for comment.Houthi military spokesperson Yahya Saree said the operation was in response to what he described as Saudi drone incursions into Yemeni airspace.Saudi Arabia has re-routed its crude output to Yanbu via its east-west pipeline to get around Iranian attacks on shipping in the Strait of Hormuz, which began after the U.S.

Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen's Iran-aligned Houthis, as a widening Middle East conflict disrupted shipping through two of the world's most critical energy chokepoints.The diversions came as U.S. forces bombed targets in the south and west of Iran overnight, Tehran targeted U.S. sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz in the latest escalation of…

Yemen's Iran-aligned Houthi militia told shipping companies not to load or discharge cargo at Saudi Arabian ports or they may be targeted, according to an email the group sent to companies.The Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf."Vessels are banned from loading or discharging cargo at or from any Saudi ports…

Yemen's Iran-aligned Houthis said on Monday they were imposing a naval blockade on Saudi Arabia, a move that opens a new front against the United States in its war on Iran and widens the threat to global energy supplies and trade beyond the Gulf.The Houthis made their announcement despite signs that Tehran and Washington want to resume diplomacy to halt a worsening cycle of attacks that has all but wrecked a fragile interim agreement signed last month.Iran's Foreign Ministry said mediators had presented "proposals" to Tehran…