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Perth
October 15, 2019
Top Stories

Saudi crown prince warns of surge in global oil prices

RIYADH, KSA: Saudi Arabia’s crown prince Mohammed bin Salman has warned that oil prices could surge to “unimaginably high numbers” if the world does not act to deter Iran.

Salman said a war between Saudi Arabia and Iran would ruin the global economy.

The prince, who is considered the de facto ruler of Saudi Arabia, has also offered talks for a political solution to the civil war in Yemen, where government forces backed by a Saudi-led coalition are fighting Houthi rebels supported by Iran.

Iran has denied any involvement in the attacks on Saudi Arabia’s oil facilities, which the strikes that knocked out about 5% of global oil supply and sent oil prices soaring.

But Mohammed bin Salman, the heir to the Saudi throne, said: “If the world does not take strong and firm action to deter Iran, we will see further escalations that will threaten world interests.”