“There are rising stockpiles and the tension between Iran and Saudi Arabia make any deal on production unlikely”, said Michael Hewson, chief market analyst at CMC Markets.
Advertisement
“This trend of creating tension must stop”.
The United Nations and the US called for an end to the diplomatic ructions, with US Secretary of State John Kerry’s office issuing a statement, “stressing the need for dialogue and engagement”.
Saudi Arabia’s execution of Sheikh Nimr al-Nimr has angered Shi’ites across the Middle East and caused a major diplomatic row between revolutionary, mainly Shi’ite Iran and Saudi Arabia’s conservative Sunni monarchy.
In response to rumours that Pakistan was also exploring options about downgrading its diplomatic relations with Iran, Foreign Office spokesman Qazi Khalilullah said, “I will not comment on rumours and speculations”.
Kuwait on Tuesday became the latest Gulf Arab state to recall its ambassador from Iran to protest attacks on Saudi diplomatic missions in the Islamic republic.
“He is urging calm”.
The fact that Iraq sent the foreign minister to Iran may be an indication that the predominantly Shiite country is anxious that the rift between its neighbors could reverse progress made in the fight against Islamic State (IS) and send the Middle East into disarray, Reuters reported.
Mouallimi said his country’s severing of ties with Iran would not affect its efforts to secure peace in Syria and Yemen.
In Yemen, a Saudi-led military coalition has battled rebel factions that Saudi Arabia claims are aided by Iran. Protesters in Tehran responded by attacking the Saudi embassy. “We expect all countries in the region to show common sense and take steps aimed at easing the tensions in the region”, Davutoglu told his ruling party in a speech in Ankara.
“They knew we couldn’t look the other way”, said Mr Fazel Meybodi, a cleric from the Iranian holy city of Qum, one of the world’s main centres of Shia theology.
He said the National Assembly would be given an in-camera briefing on the Saudi-Iran tensions.
Shiite-majority Iraq has close ties with Tehran.
Iran sent a letter to Mr Ban saying it had taken “necessary measures, including the increase in the number of security forces”, to protect the Saudi mission, adding that 40 protesters had been arrested.
Advertisement
Media reports said his counterpart from Oman, which has often played a mediating role in the region, was also expected in the Iranian capital on Wednesday.
