Saudi Crown Prince Mohammed bin Salman has warned the world of the potential threat of Iran to the global oil supply. The statement comes when the tension has already escalated in the Middle-East following an airstrike on Saudi oil facilities.
Iran had been accused of carrying out the strike on the oil facilities by the Saudis and the United State, which the Islamic Republic denies. The responsibility of the attacks was claimed by the Houthi rebels in Yemen.
The Saudi Arabian and Iranian relationships have been hostile since the Iranian revolution of 1971 which overthrew the monarchy. In recent years, the two countries have been involved in a proxy war in Yemen and Syria.
The airstrikes had damaged the Saudi Aramco owned oil facilities which had seen a major impact on the global oil supply. It was able to knock down the oil production in Saudi Arabia by fifty per cent and five per cent of the global oil supply.
In a recent interview, the crown prince said that Iran could pose a serious threat to the oil markets which can see uncertainty in supply and the costs might go up. This would have serious results in the global market.
Middle-East has been a hotbed of issues, the recent escalations are not a great sign for the world as it would also impact the trade route which travels through the gulf. It can destabilize the economies around the world.
The Crown Prince in his interview had urged international powers to intervene to reach a political solution with Iran and try to bring it in the political mainframe. Iran has been under sanctions by the United States following their withdrawal from the Iran Nuclear Deal of 2015.
(Inputs from agencies)