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ConocoPhillips (COP) BMO CDR (CAD Hedged)
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Close 2026-09-21 C$ 14.74
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Globe says Exxon sees Saudi Arabia in a tough spot

2026-09-22 07:00 ET - In the News

See In the News (C-XOM) Exxon Mobil CDR (CAD Hedged)

The Globe and Mail reports in its Tuesday, Sept. 22, edition that the war in Iran is a conflict Saudi Arabia never wanted, but it must now confront the consequences of choices made in Washington and Tehran. The Globe's guest columnist Dennis Horak writes that the war's key outcome will be Iran's control of the Strait of Hormuz. The Saudis and others will seek to diversify their shipping options to reduce reliance on the Iran-controlled strait, but this is challenging. While Riyadh has expanded its East-West pipeline to the Red Sea for oil transport, this option may not be sustainable. Recent attacks by Iran-backed Iraqi militias on the pipeline highlight the risks, and the Houthi rebels in Yemen are moving closer to controlling shipping through the Bab al-Mandab Strait. The Saudis have looked to Washington for help in dealing with the new threat, but have reportedly been rebuffed. The U.S.'s reluctance to engage stems from the Trump administration's choice not to consult Saudi Arabia before the Iran war, despite knowing the Gulf states would face Iranian retaliation. This indifference likely raised Riyadh's doubts about the value of its security partnership with the U.S. going forward.

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