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29 min ago 3 min read
The State of Qatar has expressed its “strong condemnation and denunciation” of the targeting of the Qatari LNG tanker Al Rekayyat while it was transiting near the Strait of Hormuz.
A statement from the Ministry of Foreign Affairs said the attack amounted to a grave violation of the safety of international navigation, a direct threat to global energy supply security, and a clear and flagrant breach of international law.
It called on Iran to provide an urgent explanation for the attack, take immediate steps to prevent its recurrence, and fully comply with the relevant rules of international law.
Iranian television reported claims that the LNG tanker came under attack after ignoring warnings, but Tehran did not directly claim the assault. Neither the US Central Command nor the IRGC commented on the incident.
The latest escalation casts further concerns over the and whether shipping security can be assured in the short to medium term, or if LNG and helium trade flows will continue to be impacted.
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Writing for the Atlantic Council think tank, William F. Wechsler, Senior Director of the Middle East Programs, can foresee mostly negative scenarios.
“The follow-on negotiations now underway could eventually fail and the US could then rush back into war with Iran. This could also be calamitous, as it might precipitate a global recession if negotiations fail before today’s low levels of oil reserves are restored. The resulting violence could easily destroy energy and water facilities on both sides of the Gulf.”
Meanwhile more projects are on the drawing board in a bid to boost overland trade across the Middle East.
Saudi Arabia is building up the Port of NEOM as a new logistics hub, expanding rail networks to both the Red Sea and Jordan, and establishing a series of new logistics corridors.
Saudi Arabia and Turkey are also reportedly exploring efforts to revive a rail connecting Jordan to Syria, which could complement emerging World Bank support for Syrian rail development and Emirati investment in Syrian ports, opening up new access points to the Mediterranean.
Additionally, the UAE and Oman are completing a new rail line that will boost the potential of Oman’s ports, which sit outside both the strait and Bab al-Mandab, the two Middle East maritime chokepoints.
The UAE is considering expanding its as part of post-war plans to boost energy security and reduce dependency on the strait.
