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Senior Saudi and US Officials Set to Meet Monday on Middle East Tensions

OIL

Saudi’s defense Minister Khalid bin Salman is set to visit Washington Monday to meet with senior Biden officials – as the Israel/Hamas war threatens to spill over into a wider conflict, a key factor driving oil in October.

  • Axios originally reported the trip on Saturday, citing three sources.
  • It comes as Israel presses ground operations in Gaza. Oil markets have been pushed lower on ceasefire related headlines and higher on ground offensive headlines over the last week. Now the ground offensive is underway, oil markets are watching for responses from the likes of Iran.
  • US President Joe Biden and Saudi Arabian Crown Prince Mohamed bin Salman had a call last Tuesday to discuss efforts to prevent the Israel-Hamas conflict widening.
  • Iran's president repeats the same threat he and others in Iran have made before over the weekend, that the situation in the Palestinian territories "may force everyone to take action".
  • Responding to a question about Iran’s involvement in the October 7 attacks, Netanyahu said at the weekend “Iran supports Hamas… provides over 90% of Hamas’s budget. It finances, it organizes, it directs, it guides.”
  • “I cannot tell you for certain that in this specific operation, at this particular moment, they were involved in the micro-planning.” he added.
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