Saudi Militants Hitting Westerners, Not Oil

[UpInArms]

http://market-flash.com/vnews3/news.php?id=653473192&mid=

The terrorist strike in al-Khobar appears to be more ominous than recent similar strikes in Saudi Arabia. It resembles the May 1 attack on western oil workers in Yanbu, but was more elaborate and more deadly.

The attackers were organized and they seem to have prepared extensively. They wore uniforms of the Saudi National Guard, which is responsible for security at residential compounds of foreign workers, and they drove vehicles with military markings. They successfully struck multiple targets and managed to fight off security forces for a considerable period of time. They took hostages, rigged their location with explosives, and all but one gunman reportedly escaped a siege by Saudi commandos on the sixth floor of a high-rise building.

Based on a statement attributed to its planners, the primary aim was to lash out at westerners who work in the Saudi oil industry and drive them out of the Arabian Penninsula. This motivation is corroborated by the attackers' behavior. For example, this is the second recent incident in which a foreign worker's body was reportedly tied to a vehicle and dragged through the streets by militants, a tactic clearly meant to terrorize and strike fear into the hearts of foreigners living in the kingdom.

According to eyewitnesses, the attackers meticulously avoided harming Arabs and Muslims as they mistakenly had in previous attacks. This time, they questioned the residents they encountered who were not obviously westerners in order to ascertain their identity. This time, Arab nationals and even an American Muslim were spared by the discriminating attackers.

In assessing the impact on the oil market, these terrible attacks must be put into perspective. While they have succeeded in murdering westerners and terrorizing the expatriate community in Saudi Arabia, they have not (and likely will not) result in any disruption of Saudi oil exports, except for indirect delays and expenditures related to improving security for foreign workers and companies. Hopefully oil traders will take this fact into account before making panicked buying decisions when trading resumes following the long holiday weekend.

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[Merlin]

1. This reads like a desperate appeal to stave off panic selling Tuesday.

Wonder if it will work.

[htuttle]

2. Don't worry! They're only killing us, not touching our oil

Nothing to be concerned about! Continue with your shopping!

That is all.