Saudi crown prince warns of soaring oil prices that could ruin world economy

Saudi Crown Prince Mohammed bin Salman has warned that oil prices may soar if the world does not act to scare-off Iran. He said failure to act could embolden Iran and lead to war, which he said would ruin the global economy.

The prince was speaking after an attack on oil facilities which he blames on Tehran.

Iran said the remarks would “bring [the Saudis] nothing but shame”.

While speaking with the CBS News, Mohammed bin Salman also said he accepted some responsibility for journalist Jamal Khashoggi’s killing. However, he denied personally ordering it.

To the outside world, the prince is still considered as a suspected of personally targeting Khashoggi, who was critical of the government in Riyadh. Khashoggi was killed in Saudi Arabia’s consulate in Turkey on 2 October 2018.

In the interview MBS said, “I take full responsibility as a leader in Saudi Arabia, especially since it [the killing] was committed by individuals working for the Saudi government.”

The Saudi authorities have since blamed a “rogue” operation for his murder and put 11 men on trial.

The prince also appeared to offer 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 is Saudi Arabia’s regional rival and an opponent of the US, which pulled out of a treaty aimed at limiting Tehran’s nuclear programme after President Trump took over.

US-Iran tensions have risen markedly this year, with the US blaming Iran on attacks on six oil tankers in the Gulf between May and July. Tehran rejects the accusations.

Source : Various