Wire flash
ConflictSaudi Arabia, Pakistan, and Turkey are expected to sign a joint defense cooperation agreement on Friday, as reported by Reuters citing sources. The deal comes amid Middle East turmoil triggered by the U.S.-Israel war with Iran. Turkish President Erdogan arrived in Jeddah for an official visit. The three Sunni-majority powers are concerned about regional instability. Saudi Arabia is the world's largest crude oil exporter, Turkey has the largest NATO army after the U.S., and Pakistan is the only Muslim nuclear-armed nation. The war has disrupted Strait of Hormuz traffic, with only six crude oil tankers clearing the chokepoint this week. Iran's parliament is considering proposals to ban U.S. and Israeli ships from the strait and impose compensation requirements on other nations. Pakistan has attempted to mediate U.S.-Iran talks and negotiate energy passage through the strait.
OilPrice.com Daily News UpdateWestern
Saudi Arabia, Pakistan, and Turkey Sign Joint Defense Pact Amid Iran Conflict