While global oil markets are accustomed to factoring geopolitical uncertainty into oil prices, this kind of geopolitical fallout hasn’t been seen for a number of years. The world’s largest oil exporter, that still along with its OPEC+ partners, plays the role of global oil markets swing producer, is seeing an escalation of attacks on its oil export infrastructure and shipping. Saudi Arabia said on Tuesday that armed drones had attacked two of its oil pumping stations. This came just two days after the sabotage of two oil tankers carrying Saudi oil near the UAE. Meanwhile, the U.S. military, amid an increasingly tense tit for tat exchange of words between Washington and Tehran, said it was braced for “possibly imminent threats to U.S. forces in Iraq” from Iran-backed forces. Tuesday’s attacks on the pumping stations more than 200 miles west of Riyadh and Sunday’s attack on four tankers off the […]