Saudi Arabia Warns about Probable Jump in Oil Prices

Global markets may witness an incredibly high rise in oil prices unless the world community takes actions against Iran. It was disclosed by kingdom’s Crown Prince Mohammad bin Salman in his interview with the U.S. TV channel CBS. He said, “If the world doesn’t take strong and firm action to deter Iran, we will see the further escalation that will threaten world interests.” Otherwise, the prince stressed, the global economy may collapse.

Meanwhile, oil prices are slightly going down after a decrease observed during the last week. That was the sharpest fall in oil prices since July. In response to the peaceful initiatives of the Houthi insurgents, Saudi Arabia approved the ceasefire regime in certain areas of Yemen. That was disclosed by The Wall Street Journal. Depending on the success of the treaty the Saudi kingdom may extend the ceasefire to other Yemen territories. This news proves the political tensions in the whole Middle East may ease. This reduces risks for the oil market that may arise due to possible supply disruptions in the area, experts say.