Saudi Arabia’s King Salman had also called for urgent meetings of the regional Gulf Cooperation Council and the Arab League to discuss escalating tensions in the Gulf. But what is all this chaos about?
ABTV's Shruthi Nair breaks down the Middle East crisis in this week's 'Explained'
A lot happened last week. On Sunday, there was an attack on 4 tankers off the coast of the UAE. On Tuesday, armed drones had attacked two of Saudi’s oil pumping stations. Now that’s one side of the story. Separately, the US has deployed the USS Abraham Lincoln aircraft carrier to the region.
You know how there have been tensions between Iran and the US for the last few years, and it only seems to be escalating with time. Why?
Tensions have grown between the two countries since last year when President Trump withdrew from the 2015 international deal which had aimed to ease sanctions in exchange for an end to Iran's nuclear programme.
Calling the deal "defective", Mr Trump re-imposed sanctions.
Iran suspended its commitments earlier this month, threatening to resume production of enriched uranium.
Anyway, following all of this chaos and the threats from the US, Saudi’s King Salman called for urgent meetings of the regional Gulf Cooperation Council and the Arab League.
However, amid all of these rising tensions, oil producer nations discussed how to stabilise a volatile oil market in a meeting that took place in Jeddah on Sunday.
What came out of this meeting was that it was revealed that oil supplies were sufficient and stockpiles were still rising despite massive output drops from Iran and Venezuela.
The UAE's energy minister said there was no need to relax a deal by the OPEC+ group of oil exporting countries to cut output by 1.2 million barrels per day to support prices.
So, to sum it up, here are the updates on this so far:
Iran has repeatedly threatened to close the strait in case of war with the US
While US President Donald Trump has said he doesn’t want war he has tweeted: "If Iran wants to fight, that will be the official end of Iran," he said in a tweet on Sunday. "Never threaten the United States again!"
Saudi Arabia accused Iran of ordering the pipeline attacks, targeting "the security of oil supplies... and the global economy".
Saudi foreign affairs minister Adel al-Jubeir said Sunday his country does not want war with Iran, but was ready to defend its interests.
Crown Prince Mohammed bin Salman has also spoken with US Secretary of State Mike Pompeo about enhancing security in the region.
Keep watching ABTV as we will be coming back to you with more updates on this story.
(Source: Arabianbusiness.com YouTube channel)