Rapprochement between the two oil-producing states bodes well for the Brics bloc
After secret talks in Beijing, Saudi Arabia and Iran have surprised the world by announcing the restoration of diplomatic ties. This rapprochement could have a number of consequences for the balance of power in the Middle East.
While the US has sought military confrontation to assert its dominance, China has promoted negotiated settlements as a better alternative. The strategy seems to be working.The bitter rivalry between Shia Iran and Sunni Saudi Arabia has been a defining feature of Middle Eastern conflicts in recent years. In war-torn Yemen Houthi rebels, backed by Iran, have been challenging the Saudi-backed Yemeni government in a brutal decade-long war.
The situation deteriorated further when in 2019 the Houthis targeted Saudi oil facilities, causing a temporary halt to the country’s oil production and the largest spike in global oil prices in more than a decade. It is hoped that the recently repaired relations could see the end of Houthi attacks on the kingdom and a peaceful resolution to the war. Considering the risks the war has presented to global oil supplies, the latest agreement should help enhance global energy security.
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