MichaelX

UNITED STATES WEIGHS CRUDE EXPORT TARIFF — AND POSSIBLE BAN — TO CURB SURGING ENERGY PRICES AMID MIDDLE EAST CONFLICT. || POTENTIAL CURBS COULD WIDEN WTI CRUDE–BRENT CRUDE GAP, LOWER DOMESTIC FUEL COSTS BUT DISRUPT GLOBAL SUPPLY AND PUSH INTERNATIONAL PRICES HIGHER.

The Saudi Foreign Minister Faisal bin Farhan says that Iran’s attacks on its neighbors “will have consequences,” stating that if Iran thinks the Gulf states are incapable of responding, it is mistaken, adding that Gulf countries "reserve the right to take military actions if deemed necessary." In a press conference after the emergency meeting of Foreign Ministers from Arab and Islamic countries in Riyadh, bin Farhan said that there is coordination among the GCC countries to confront Iranian attacks. “We will take the appropriate decisions to defend our countries and resources. We will resort to all means to stop Iranian attacks. Both political and non-political responses to Iran are possible,” the Saudi FM said. Bin Farhan accused Iran of planning its attacks on Gulf countries in advance, stating that the attacks have eroded trust in Tehran and will increase Iran's isolation. “Iran is pursuing a policy of blackmail to achieve its goals. It cannot be a partner with its hostile behavior,” bin Farhan said.