Iraq blames Saudi tanker buying spree for shipping rate surge, Riyadh rejects claim

In a statement, Saudi Arabia's energy ministry said it had not purchased the tankers and attributed the rise in oil transport costs to several factors, including regional military conflict and disruption to navigation through the Strait of Hormuz.

It said those conditions had pushed shipping costs in the region to "exceptional levels".

The dispute comes as attacks on Saudi cities, energy infrastructure and shipping continue, raising concerns about global oil supplies and threatening the Red Sea, a key alternative export route for Persian Gulf producers while traffic through the Strait of Hormuz remains disrupted.

Iraq has been among the countries most affected by the closure of the strategic waterway. Traffic through the strait remains well below pre-conflict levels and vessels continue to face attacks in the area.

(Reporting by Menna Alaa El-Din and Tala Ramadan and Ahmed Rasheed. Editing by Mark Potter)