‎S’Arabia Warns Oil Could Hit $180 Amid Iran War Escalation
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‎Saudi Arabia’s oil officials are privately warning that crude prices could surge beyond $180 per barrel if disruptions to global energy supplies caused by the Iran war persist past late April.
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‎According to a report by The Wall Street Journal citing Gulf officials, Riyadh’s concern is not about weak prices but the risks associated with excessively high ones. A prolonged spike could accelerate a global recession, force consumers into permanently lower energy use, and ultimately erode demand, undermining the kingdom’s economic stability.
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‎Analysts say Saudi Arabia prefers moderate price gains that preserve long-term market balance. Umer Karim, a foreign policy analyst at the King Faisal Centre for Research and Islamic Studies, noted that Riyadh generally avoids sharp price increases that could destabilize markets.
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‎The anxiety in the Gulf has intensified following escalating attacks linked to the conflict between Israel and Iran. After an Israeli strike on Iran’s South Pars gas field, Tehran retaliated by targeting Qatar’s Ras Laffan energy hub and launching strikes on Gulf infrastructure, including facilities at Yanbu in Saudi Arabia. Yanbu serves as the Red Sea outlet of a key pipeline designed to bypass the Strait of Hormuz.
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‎Iran has also continued targeting shipping routes in the Gulf, effectively constraining traffic through the Strait of Hormuz, a vital corridor that carries about 20 percent of global oil supplies.
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‎The attacks briefly pushed Brent crude futures to $119 per barrel this week before easing. Although still below the record $146.08 reached in July 2008, analysts warn the trajectory is troubling. Energy consultancy Wood Mackenzie said prices reaching $200 per barrel in 2026 are “not outside the realms of possibility” if instability persists.
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‎For Saudi Arabia, the challenge now lies in managing a crisis that could inflate revenues in the short term but destabilize the global economy, and its own long-term oil dominance, in the process.
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‎Iran Destroys $700m US Spy Plane in Saudi Base Strike
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‎Iran has destroyed a $700 million United States Air Force surveillance aircraft in a strike on Prince Sultan Air Base in Saudi Arabia, escalating tensions in the ongoing conflict between Washington and Tehran.
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‎The attack, which occurred on Saturday, reportedly destroyed a US E-3 Airborne Warning and Control System (AWACS) aircraft and injured 12 American service members.
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‎According to Fox News, two of the injured personnel were listed in serious condition, while the others sustained lighter injuries.
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‎The E-3 AWACS aircraft functions as a flying radar and airborne command centre, capable of tracking aerial and ground threats while coordinating US air operations.
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‎Reports indicate that at least one KC-135 air refueling aircraft was also struck and caught fire during the assault. A regional source cited by Fox News said the operation involved a combination of Iranian ballistic missiles and drones.
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‎The strike marks a significant escalation in the month-long war between the United States and Iran, a conflict that intensified following high-level assassinations and retaliatory operations by both sides.
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‎The latest development raises fresh concerns about regional security and the vulnerability of key US military assets stationed in the Gulf.