Saudi Arabia Maintains Neutrality in Iran-Israel Conflict
Saudi Arabia, the world's largest oil exporter, has declared its neutrality in the escalating conflicts in Lebanon, Gaza, and Yemen, as well as the Iran-Israel showdown. This stance is shared by other members of the Gulf Cooperation Council (GCC), which includes Qatar, the United Arab Emirates, Bahrain, Oman, and Kuwait. These nations have also reassured Iran of their neutrality in the ongoing conflict with Israel.
Meeting Between Saudi Arabian Foreign Minister and Iranian President
Saudi Arabian Foreign Minister Faisal bin Farhan Al-Saud and Iranian President Masoud Pezeshkian met at the Asia Cooperation Dialogue in Doha, Qatar on October 3, 2024. Before the war in Gaza, Saudi Arabia was reportedly on the verge of signing a full normalization and diplomatic relations deal with Israel as part of the Abraham Accords. However, the deal was disrupted after the events of October 7.
Peace Between Riyadh and Tehran
Riyadh and Tehran have recently established peace, with the kingdom assuring Iran that it will not join Israel's side. The Saudis and other GCC states are keen to avoid attacks that could affect their oil production and exports, such as the 2019 Abqaiq–Khurais Saudi Aramco drone strikes. The US held Iran responsible for these attacks, but Iranian leaders never admitted to it.
Statements from the Leaders
During his visit to Doha, Iranian President Masoud Pezeshkian expressed his views on Saudi Arabia. He stated, "We consider Islamic countries, including Saudi Arabia, as our brothers, and we emphasize the importance of setting aside differences to enhance cooperation." Bin Farhan echoed similar sentiments, expressing a desire to resolve differences and develop relations as two friendly and brotherly countries.
Impact on Global Oil Markets
The escalating regional tensions have caused fluctuations in global oil markets. Reports suggesting that Israel might be planning major strikes on Iran's oil and gas fields have been particularly influential. President Biden's recent comments on potential Israeli strikes on Iranian oil facilities have also impacted oil prices.
Relations Between Gulf States and Iran
The relationship between the Gulf states and Iran has cooled since the decade-long proxy war in Syria to oust Assad. The GCC countries funded jihadist rebels aiming to conquer Damascus and counter the Iranian/Shia axis. However, when it became clear that the Syrian government had emerged victorious, GCC diplomats started returning to Damascus.
Bottom Line
The neutrality of Saudi Arabia and other GCC states in the Iran-Israel conflict is a significant development. This stance, coupled with the recent peace between Riyadh and Tehran, could potentially alter the dynamics of the Middle East. However, the impact of these developments on global oil markets remains uncertain. What are your thoughts on this? Share this article with your friends and let them know about these developments. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
