Saudi Arabia warns of possible jump in oil prices due to Iran’s actions

Saudi Crown Prince Mohammed bin Salman has warned that oil prices could soar if world leaders do not begin efforts to contain Iran.

possible jump in oil prices

“If the world does not take decisive action to contain Iran, we will see further expansion that threatens world interests. Oil supplies will be disrupted and oil prices will jump to unimaginably high levels that we have never seen before,” bin Salman told CBS.

According to the Crown Prince, the Middle East provides about 30% of the world’s energy supplies, about 20% of global trade corridors and about 4% of global GDP.

“Imagine that these three components have disappeared. This means a complete collapse of the global economy, not just Saudi Arabia and the Middle East,” bin Salman suggested.

Last week, Riyadh accused Iran of carrying out rocket fire and using drones in a raid on strategically important Saudi oil facilities.

U.S. authorities provided satellite images and intelligence to prove that Iran was indeed behind the attack. However, Tehran categorically denies its involvement in the shelling of Saudi territory.

Responsibility for Khashoggi’s murder

Bin Salman also admitted responsibility for the murder of journalist Jamal Khashoggi at the Saudi consulate in Istanbul on October 2, 2018.

“I take full responsibility as the leader of Saudi Arabia, especially since this (murder) was committed by people working in the Saudi government,” he said.

At the same time, the Crown Prince stressed that he personally did not give any orders to kill the journalist and did not know about the crime being prepared.

In June, the UN published a report alleging that Mohammed bin Salman was personally involved in Khashoggi’s murder. The CIA and several other Western intelligence agencies have also alleged that the Saudi crown prince personally ordered an operation to eliminate a journalist who had criticized him in his publications.

Eleven people have been arrested in connection with Khashoggi’s murder. In January, the Saudi prosecutor’s office demanded the death penalty for five of them.

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