Historically, when political tensions increased in the Middle East, the price of oil rose too.
US stocks slumped Monday, the first trading day of 2016, as global market rout and geopolitical tensions between Iran and Saudi Arabia rattled the nerves of investors.
The execution of the religious leader Nimr Baqer Al-Nimr has worsened relations between Sudan and Iran. “If we decide to boycott them it will have to be for a better reason than that”.
He also said Iran would not be offering discounts to lure customers.
Saudi Arabia has supported Egypt as it struggles with a growing insurgency and economic downturn. “The process of provoking tension must be stopped”.
Qatar recalled its ambassador to Iran on Wednesday, state news agency QNA said, after allies Saudi Arabia and Bahrain cut their ties with Tehran following attacks on Saudi missions by Iranian protesters.
The relationship between Saudi Arabia and Iran has certainly had more downs than ups, yet seldom have they come at a worse time for the region’s prospects. State media in Iran showed still photographs it said were of the diplomats arriving in Tehran on a Meraj Airlines jet.
Saudi Arabia’s unexpected decision to carry out the executions – following convictions over terror-related offences – prompted an expression of “deep dismay” from the United Nations secretary general, while the U.S. accused Saudi of exacerbating tensions “at a time when they urgently need to be reduced”.
The civil aviation department of Bahrain’s Transport Ministry said it would take steps to minimize any inconvenience for travelers who have prior reservations.
Abadi has declared 2016 the year of “final victory” against Islamic State, the ultra-hardline Sunni militant group that proclaimed a caliphate in 2014 over large sections of Sunni-populated territory in Iraq and Syria. It has faced low-level turmoil since 2011 Arab Spring-inspired protests by Shiites seeking more political rights.
Iran warned Saudi Arabia to stop working against it on Wednesday as their diplomatic crisis intensified despite efforts to defuse a row that has raised fears of regional instability.
Oman broke its silence on the Mideast turmoil and called the Saudi diplomatic post attacks “unacceptable”, while leaving its ties to Iran untouched.
Iran, which has some of the world’s biggest petroleum reserves, has repeatedly urged fellow members within the Organization of the Petroleum Exporting Countries (Opec) to make room for a supply jump from the Islamic Republic, pledging to ramp up exports as soon as sanctions on its oil industry are lifted under a nuclear deal with world powers. Most of those killed were Sunnis linked to al-Qaeda attacks in the kingdom.
President Hassan Rouhani made the comments in a statement posted to his website Tuesday, referring to the kingdom’s execution of leading Shiite cleric and opposition figure Sheikh Nimr-al Nimr. It also remained unclear whether the Saudi Arabian government had even given Washington a heads up that Nimr’s and 46 other captives’ executions were imminent.
Those U.S oil supplies are “taking out a lot of the risk that we have seen historically” in OPEC-dominated energy markets, he said.
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