Four commercial cargo ships have been targeted by sabotage attacks near the coast of Fujairah in the United Arab Emirates,... with two of them known to be oil tankers from Saudi Arabia.
This comes amid military tension between the U.S. and Iran over the vital Strait of Hormuz oil-shipping channel.
The Associated Press quoted the Saudi energy minister as saying the country's oil tankers were significantly damaged.
Although the event did not result in casualties or a spill,... it could still affect the delivery of the shipments.
World oil prices reacted to the news,... with prices of popular oil blends, Brent and WTI both increasing amid fears about a global supply crunch.
