Saudi Arabia Denies $4.5bn Tanker Buying Claim as Iraq Says Freight Hit $37/bbl
Saudi Arabia has rejected an Iraqi claim that it purchased 25 oil tankers worth an estimated $4.5 billion. Iraq's oil minister linked the alleged acquisitions to crude transport costs rising from $26 to $37 per barrel, while Riyadh says regional conflict, Hormuz disruption, insurance costs and tanker scarcity are driving freight higher.
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