Yemen’s Saudi-backed government and southern separatists signed an agreement on Tuesdayto end a power struggle in the south of Yemen that Saudi Arabia’s crown prince hailed as a step towards a wider political solution to end the multi-faceted conflict.
A Saudi minister said on Sunday that Riyadh was not behind a suspected strike against an Iranian-owned oil tanker in the Red Sea, which Iranian state-run television said was hit on Friday by missiles but denied reports they came from Saudi Arabia.
In the two weeks since attacks blamed on missiles or drones shut down half of Saudi Arabia’s oil output, the country that has arguably moved most deftly to position itself for any upside is Russia.
Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT while US West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel.
Saudi Arabia’s crown prince warned in an interview broadcast on Sunday that oil prices could spike to “unimaginably high numbers” if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.