10-14-2018, 12:30 PM
Trump's warning dealt a gut punch to the Saudi stock market, which crashed 7% on Sunday before recovering some of the losses to close down 3.5%.
The kingdom's statement warned that the Saudi economy plays an "influential and vital role" in the global economy. Only Russia produces more oil than does Saudi Arabia.
Turki Aldakhil, who leads the Saudi-controlled Al Arabiya Television News Network, warned Sunday that U.S. sanctions could ignite an "economic disaster that would rock the entire world."
"If the price of oil reaching $80 angered President Trump, no one should rule out the price jumping to $100, or $200, or even double that figure," Aldakhil wrote in an opinion piece. He added that the fallout could drive "the entire Muslim world into the arms of Iran."
The kingdom's statement warned that the Saudi economy plays an "influential and vital role" in the global economy. Only Russia produces more oil than does Saudi Arabia.
Turki Aldakhil, who leads the Saudi-controlled Al Arabiya Television News Network, warned Sunday that U.S. sanctions could ignite an "economic disaster that would rock the entire world."
"If the price of oil reaching $80 angered President Trump, no one should rule out the price jumping to $100, or $200, or even double that figure," Aldakhil wrote in an opinion piece. He added that the fallout could drive "the entire Muslim world into the arms of Iran."