Saudi Arabia denies Iraq's tanker claim

The Saudi Ministry of Energy clarified that the reports suggesting the Kingdom purchased 25 oil tankers for approximately $4.5 billion are incorrect. The sharp rise in shipping costs is attributed to the escalating military crisis, Iranian attacks on ships, and navigation disruptions in the Strait of Hormuz, all of which have increased shipping risks and insurance costs. The Saudi side also denied the Iraqi Oil Minister's statements linking the rise in transportation costs to the purchase of these tankers, stating that the reasons for the increased expenses are primarily security and logistical factors associated with vital oil regions.

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