The Saudi Arabia Energy Minister tweeted that focused on the two countries' concerns over threats targeting freedom of maritime traffic in the Arabian Gulf. They affirmed their determination to work together to ensure the security of global energy supplies.
Tensions rose between Iran and the West last year, when the United States pulled out of an international agreement with the Islamic Republic on a nuclear program in return for an easing of economic sanctions on Iran.
In the meantime, Khalid Al-Falih also tweeted
Continued coordination between the two sides, we discussed the oil market conditions and the Kingdom's keenness on its stability, especially as it is the reliable supplier of crude oil in the world. In this context, I have affirmed the commitment of OPEC members and non-OPEC producers to coordinate production and strive to achieve balance in the oil market.
The Strait of Hormuz has gained the spotlight given the increasing tensions between Iran and the UK. The tension in Strait of Hormuz peaked after the UK arrested the Indian Captain and Chief Officer of the Iranian tanker 'Grace 1', a few days after the ship was seized suspected of breaching EU sanctions by shipping oil to Syria. Iran seized Stena Impero, leading a part of the shipping sector addressing that this was an act of retaliation and an act against international shipping laws.
Whereas, on August 5, Iran seized another foreign oil tanker in Strait of Hormuz.