Saudi Arabia's crown prince has warned that oil prices could rise to "unimaginably high numbers" if the world does not act to deter Iran.
Mohammed bin Salman said a war between Saudi Arabia and Iran would ruin the global economy, following an attack on its oil facilities two weeks ago which it blames on Tehran.
Speaking to CBS News, he also said he accepted some responsibility for the killing of journalist Jamal Khashoggi.
But he denied personally ordering it.
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Brent crude - the international benchmark - is trading marginally ahead at $61.93 a barrel while West Texas Intermediate is up 0.20% at $56.02.