Saudi Has Only 5 To 7 Days Of Oil Left | Why The Hormuz Talks Fail | Iran America Middle East news

The meeting was supposed to happen today in Salalah, Oman. Iran and the Gulf states, sitting down over the Strait of Hormuz. It didn't happen. Oman's foreign minister posted late Sunday night that it's been pushed back "in the interests of consensus", which is a polite way of saying not everyone was ready to come. Bahrain had already said no. And within hours of that, oil jumped more than 3%, US diesel hit another record above $6.20 a gallon, and a ship caught fire in the strait. But the part I found most interesting isn't in the headlines. What is the fight actually about? Before the war any ship could sail through Hormuz. Now Iran wants permission first, and is thinking about charging a fee. That's the real argument. And Iran won't open the strait until sanctions come off and its frozen money abroad is released, which Washington won't do unless the nuclear programme stops. Then there are the numbers. Fewer than ten ships a day crossed over the weekend, against a ten-day average of fourteen. Saudi Arabia has maybe five to seven days of oil stored at Yanbu if that pipeline stays shut. And six months into an operation called Epic Fury, Reuters says not one of its three stated goals has been met. Sources: Reuters, The New York Times, The Times of Israel, The Business Standard, The Daily Star, UKMTO, Fars, Oman News Agency. Etai Reality - Anup Biswas. #StraitOfHormuz #Iran #SaudiArabia #OilPrices #IranWar