Tehran keeps the Gulf guessing as tanker attacks raise new questions

It is not yet another ‘Tanker War’, but the latest sabotage of oil tankers has highlighted again the region’s vulnerability to attacks on its key export. Oil prices have remained relatively steady – influenced by a global bear market and substantial stocks in major consumers – but the attacks on six ships in May and June still carry the risk that geopolitical tensions between Iran and the United States could spill over into a full-blown conflict, whether by accident or design.