Saudi Arabia aims to assert its leadership among oil exporters at any cost. The Kingdom’s authorities are determined to squeeze its rival Iran out of the global crude market.

Saudi Arabia's Crown Prince Mohammed bin Salman said that oil prices could skyrocket to incredible highs unless oil producing countries unite to step up pressure on Iran whose rampant oil output poses a threat to the global oil market.

Such aversion to Iran is caused by the recent drone attacks on major oil facilities of state-owned Saudi Aramco. Houthi rebels from Yemen claimed responsibility for bombing. However, several countries including the US, Great Britain, Germany, and France believe that Tehran is to blame. In turn, Iran denied its involvement in the attacks.

Following the air strikes, Riyadh slashed its oil output by nearly half or 5.7 million barrels per day. Remarkably, the Kingdom revived its crude processing facilities to their original capacity ahead of schedule. Saudi Aramco is expected to fulfill its commitment to customers through strategic oil reserves.

Citing the Saudi Crown Prince, the latest drone attack can be viewed as the trigger for war. In case standoff between Riyadh and Tehran escalates, the Middle East will face a severe economic downturn. Mohammed bin Salman reiterates that 30% of the global oilfields are deposited in the Gulf region. 20% of trade routes pass across the Middle East. Its GDP accounts for 4% in the whole global economy. The direct armed conflict between Saudi Arabia and Iran would smash down this well-balanced state of affairs.

The son and top adviser of King Salman is certain that Iran is taking advantage of negligence of other countries that presents a challenge to the world order. Thus, geopolitical tensions in the Middle East will inevitably put the global economy at stake. Due to disruptions in oil supplies, crude prices will leap to the highs unseen earlier, warns Mohammed bin Salman.

Unwilling to unleash the military conflict, Riyadh is ready to settle the stalemate through the third party. The Saudi Crown Prince called on US President Donald Trump to meet Iran’s leader Hassan Rouhani and negotiate a new draft agreement on Tehran’s nuclear program. The Kingdom wants to ease political jitters in the Gulf region with this move.