YEMEN’S Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, knocking out more than half the Kingdom’s output, in a move expected to send oil prices soaring and increase tension in the Middle East. The attacks will cut the Kingdom’s output by 5.7 million barrels per day (bpd), according to a statement from state-run oil company Saudi Aramco, or more than 5% of global oil supply.
It is unfortunate that the Houthi group has embarked upon a suicidal path by striking economic and commercial interests of the Kingdom that are directly linked to regional and global economy with implications for peace and security. Already the oil prices have surged by ten per cent as the attacks led to a slash in output by the world’s top oil producer. The attacks have also raised the ante as President Donald Trump has threatened that his country was locked and loaded depending on verification, and is waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms they would proceed. Though Iran has dismissed accusations of Washington that Tehran was behind the attacks on Saudi oil facilities but severity of the incident has brought the two countries closer to a possible conflict. The warning by Iran’s President Hassan Rouhani that US bases and aircraft carriers in the region were in range of Iranian missiles also indicates the level and the nature of the dangers ahead. Smooth and uninterrupted oil supply is crucial for the world’s economy and that is why this unprecedented attack is being viewed seriously by all. There should be an impartial inquiry as to who was behind the attack but in any case this and other issues involved must be resolved through peaceful means as any conflict could play havoc with regional peace and global economy that is already facing recession.
