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Oil prices fall on the day after Saudi Arabia hinted at a non-military solution to the crisis with Iran

UNITED STATES, WASHINGTON (OBSERVATORY) — Oil prices fell more than 1 percent on Monday after comments by the Saudi crown prince that any war with Iran would destroy the world economy, hinting at a non-military solution to tensions.

The price of Brent North Sea crude oil fell 1.3 percent to $ 61.12 a barrel. WTI crude also fell 1.0 percent to $ 55.34 a barrel.

Washington, Riyadh, Berlin, London and Paris are pointing fingers at Iran in the September 14 attacks on two Saudi oil facilities and forcing the world’s largest crude exporter to cut production sharply.

In a Sunday interview with CBS’s 60 Minutes program, Prince Mohammed bin Salman said any war would be disastrous for global growth.

“Oil supplies will be disrupted and oil prices will rise to fictional highs we have never seen in our lives,” he said.

“The region accounts for about 30 percent of the world’s energy supply, about 20 percent of the world’s trade corridors, and about four percent of global GDP. Imagine that these three things would stop.”

“This means a total collapse of the global economy, not just Saudi Arabia or the countries of the Middle East.”

For his part, Iranian Oil Minister Bijan Namdar Zangeneh formally instructed to put the oil sector in his country “on high alert” in the face of threats of “physical or electronic” attacks.

“It is essential that all companies and infrastructure in the oil sector are on high alert in the face of threats of physical or electronic attacks,” he said in a statement posted on the ministry’s website.

Iran denies any links to the Houthi rebels’ strikes in Yemen.

Iran has been supporting the Houthi rebels against a Saudi-led coalition against them in Yemen since 2015.

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