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Saudi prince warns of ‘unimaginably high’ oil prices because of Iran tensions

Washington: Saudi Arabia’s crown prince has warned that oil prices could spike to “unimaginably high numbers” if the world does not come together to deter Iran, but says he would prefer a political solution to a military one.

Saudi Arabia's Crown Prince Mohammed bin Salman.

Saudi Arabia’s Crown Prince Mohammed bin Salman.Credit:AP

Speaking to the CBS program 60 Minutes, Mohammed bin Salman, the kingdom’s de facto ruler, also denied that he ordered the killing of journalist Jamal Khashoggi by Saudi operatives nearly a year ago, but said he ultimately bore “full responsibility” as the leader of his country.

While Khashoggi’s death sparked a global uproar and tarnished the crown prince’s reputation, the Trump administration’s tense stand-off with Iran, Saudi Arabia’s arch-foe, has more recently dominated US policy toward Riyadh, especially after the September 14 attacks on the heartland of the Saudi oil industry.

“If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests,” the crown prince said. “Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven’t seen in our lifetimes.”

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