The Middle East crude oil shipping market is once again in turmoil, with Iraq publicly accusing Saudi Arabia of purchasing a large number of oil tankers to raise freight rates. Saudi Arabia immediately clarified that the relevant statements were not true.

On September 23, 2026, Saudi Arabia's energy department issued a statement denying the country's purchase of 25 oil tankers, stating that the Iraqi side's claim that Saudi Arabia purchased oil tankers and thus pushed up the cost of transporting Iraqi crude oil was untrue.

According to an Iraqi media report, Iraqi Oil Minister Basim Mohammed Hudayr Abadi stated in his speech in parliament that Saudi Arabia has purchased 25 oil tankers worth approximately $4.5 billion, causing a significant increase in the transportation costs of Iraqi crude oil, with freight rates rising from around $26 per barrel to around $37 per barrel. This trade dispute has affected the regional crude oil transportation chain and has also drawn sustained attention to the supply-demand game in the Middle East shipping market.Editor/Min Jing