An Iranian oil tanker near the Saudi port of Jeddah was hit with at least two missiles on Friday reports CNN. Jeddah is home to several of Saudi Arabia’s Royal Navy bases. Heavy damage has been caused to the vessel and oil has spilled out into the Red Sea but no personnel has been harmed.

The tanker belongs to a government owned company reports the Islamic Republic’s state run news. The “explosion” took place approximately 60 miles off the coast of Jeddah. Interestingly, the Iranian state news agencies are not outright blaming Saudi Arabia for the attack but are rather calling the event a “terrorist attack”. They did however add that the crew members are all safe.

Since the attack was reported, the price of oil has risen. This is a beneficial development to the Islamic Republic whose economy is feeling the squeeze of newly implemented U.S sanctions.

Oil and oil production facilities have become a new target for Iran’s proxies throughout the Middle East. Last month, Breaking Israel News Houthi reported on an attack on Saudi Arabia’s oil facilities that was carried out by Iran’s proxies in Yemen. The strike took out half of Saudi Arabia’s oil and gas production.

Oil tankers have become a favored target of Iran who has seized several of them this year. In a tit-for-tat, countries like the UK have seized Iranian oil tankers in response to their aggression. Last month, US president Donald Trump said that he was willing to meet with Iranian President Hassan Rouhani. However, that meeting appears to be off the table.