Saudi-Iran tensions: Oil prices to shoot up: MBS
 

WASHINGTON: Saudi Crown Prince Mohamed Bin Salman (MBS) says war with Iran will devastate global economy and he prefers a non-military solution to tensions between the two countries."If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests,” MBS told the CBS program “60 Minutes” that was aired on Sunday.“Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven´t seen in our lifetimes,” the prince said. The prince said a war between Saudi Arabia and Iran would be catastrophic for the world economy.“The region represents about 30 percent of the world´s energy supplies, about 20 percent of global trade passages, about four percent of the world GDP. Imagine if all of these three things stop,” he said. “This means a total collapse of the global economy, and not just Saudi Arabia or the Middle East countries.”He said a September 14 attack on Saudi oil facilities, which his country and the US blamed on Iran, had been senseless. “There is no strategic goal. Only a fool would attack five percent of global supplies. The only strategic goal is to prove that they are stupid and that is what they did,” said the prince.Prince Mohammed was asked point-blank if he ordered the killing and dismemberment of journalist Jamal Khashoggi in October last year. “Absolutely not. This was a heinous crime. But I take full responsibility as a leader in Saudi Arabia, especially since it was committed by individuals working for the Saudi government,” he said.“When a crime is committed against a Saudi citizen by officials, working for the Saudi government, as a leader I must take responsibility. This was a mistake.”Oil prices fell more than one percent Monday after MBS said war with Iran would destroy the world economy and hinted instead at a non-military solution. Washington, Riyadh, Berlin, London and Paris blame Iran for attacks that damaged the Saudi oil sector on September 14 and forced the world´s largest crude exporter to sharply reduce production.Stock markets were mostly higher as traders tracked the latest twists and turns regarding the US-China trade war. The dollar was mixed against main rivals. Meanwhile, a UN rights expert Monday criticised MBS for trying to create “distance” between himself and journalist Jamal Khashoggi´s execution, even as he appeared to acknowledge the Saudi state was responsible.Agnes Callamard, a United Nations special rapporteur who conducted an investigation into Khashoggi´s murder, was reacting to MBS’s interview. “He is only taking corporate responsibility for the crime, which goes without saying,” Callamard told AFP.She said the interview appeared to mark a concession by Prince Mohammed that “the killing of Mr. Khashoggi was a state killing,” and therefore a rejection of Riyadh´s previous explanation that responsibility for the brutal murder lay with rogue agents.http://feeds.feedburner.com/~r/com/cwEr/~4/REgcJ8a5wNU

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