Geopolitical tensions in the Gulf are rising, with Iran at odds with the US and Gulf neighbors over Tehran’s allegiances with militia operating in a number of regional countries. This week’s latest attacks on a Saudi airport and two tankers just outside the Strait of Hormuz are a further worrying escalation (MEES, 14 June).
This is unfolding as the US ratchets up the economic pressure on Tehran, having last month ended waivers permitting some countries to continue limited imports of Iranian oil (MEES, 26 April). The applicability of US sanctions to Iranian petrochemicals exports had remained something of a gray area – and Tehran was relying on it to provide vital revenues – until now. (CONTINUED - 914 WORDS)