Iran has denied involvement. "It's not in (Iran's) interest, it's not in our interest, it's not in Saudi Arabia’s interest to have a conflict. "Four commercial vessels, including two Saudi oil tankers, were sabotaged on Sunday near Fujairah, one of the seven emirates of the UAE and a bunkering hub just outside the Strait of Hormuz. Tehran has called the U.S. military presence "a target" rather than a threat.U.S. The narrow waterway separates Iran from the Arabian Peninsula Oil prices were up slightly on Tuesday, though checked amid an escalation in the trade war between the U.S. and China.Gulf Arab stock markets rebounded in early trading.

Source: Economic Times May 14, 2019 10:07 UTC