#Saudi state oil tanker company suspends shipments through Hormuz | Financial Times

Saudi state oil tanker company suspends shipments through Hormuz | Financial Times:

Saudi Arabia’s state-backed oil tanker giant, Bahri, is temporarily suspending shipments through the Strait of Hormuz following Iranian missile strikes on US military bases in Iraq, according to two sources familiar with the matter.

The move, which follows a sharp increase in tensions in the region, may restrict oil shipments from the world’s largest crude exporter, as Saudi Arabia largely relies on its own tankers to move its oil. The majority of Saudi Arabian crude exports pass through the key waterway between the Gulf states and Iran, where around a fifth of global oil supplies pass every day.

One source familiar with Bahri said the shipments had been temporarily stopped as the kingdom assesses the threat in the aftermath of the missile strikes in the early hours of Wednesday morning. Bahri did not immediately respond to a request for comment. It is not clear when shipments might resume.