Crude prices jump as Saudi reacts to U.S. 'stern action' threat

Crude prices jump as Saudi reacts to U.S. 'stern action' threat

Crude prices jump as Saudi reacts to U.S. 'stern action' threat

A prominent Saudi journalist living in Turkey, Khashoggi has not been seen since he entered the Saudi consulate in Istanbul on October 2.

Saudi critic and journalist Jamal Khashoggi hasn't been seen since he entered the kingdom's consulate in Istanbul on October 2. Turkish officials told the Washington Post that they have audio and video recordings that show a Saudi security team detained Khashoggi in the consulate before killing him. Pointing out that Russia and China were ready to step in, he added that "no one can deny that repercussions of these sanctions will include a Russian military base in Tabuk, northwest of Saudi Arabia, in the heated four corners of Syria, Israel, Lebanon and Iraq".

"It is expected that examinations will be carried out this afternoon", the source said.

Police officers carrying files and equipment walked through the heavy metal doors of the consulate after sunset, carrying out an extraordinary search of a diplomatic post that is otherwise considered foreign soil under global law as worldwide concern grows for the missing Washington Post columnist.

The Trump administration, which is all set to impose a new set of sanctions on Iran in November, is heavily relying on Saudi Arabia.

White House economic adviser Larry Kudlow declined to speculate on what Trump might do after the president promised "severe punishment" in a "60 Minutes" interview, if the USA determines that Khashoggi was indeed killed inside the Saudi consulate in Istanbul. In an implicit reference to the kingdom's petroleum wealth, the statement noted the Saudi economy "has an influential and vital role in the global economy".

"The kingdom affirms its total rejection of any threats and attempts to undermine it, whether through economic sanctions, political pressure or repeating false accusations", a statement by the Saudi government said. West Texas Intermediate, the US marker, jumped to $72.70 a barrel before trading at $71.90.

Watch Brent and WTI trade in real time here.

Saudi media took a hard line Monday, with newspaper headlines warning: "Don't Test Our Patience". According to that narrative, the crown prince had approved an interrogation or rendition of Khashoggi back to Saudi Arabia, but the intelligence official was tragically incompetent as he eagerly sought to prove himself.

The Arab News' headline was above a front-page editorial by Dubai-based real-estate tycoon Khalaf al Habtoor, calling on Gulf Arab nations to boycott worldwide firms now backing out of a planned economic summit in Riyadh later this month.

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Besides realignment with Iran, Saudi Arabia would react by manipulating oil prices, doing away with major United States weapons deals and reconsidering its intelligence ties with Washington, the report added.

SoftBank is now one of the world's most prolific investors, through its "Vision Fund"-a $100 billion war chest that was established a couple years back with a $45 billion infusion from Saudi Arabia's sovereign wealth fund. Recipients of Vision Fund investments have included ride-hailing outfits such as Uber and Didi Chuxing, GM's Cruise self-driving auto subsidiary, chipmakers ARM and Nvidia, and the office-space firm WeWork".

The chief executive of JPMorgan Chase & Co., Jamie Dimon, had been a featured speaker at the conference in Riyadh.

Ford Motor Co. confirms that Executive Chairman Bill Ford will not attend.

Major news organizations such as CNN, the Financial Times, the New York Times, CNBC and Bloomberg have pulled out of the conference.

The foreign minister of the neighbouring island kingdom of Bahrain, Khalid bin Ahmed Al Khalifa, tweeted Sunday night that there should be a boycott of the ride-hailing app both there and in Saudi Arabia.

King Salman phoned Erdogan Sunday evening "to thank the president for welcoming the kingdom's proposal to form a joint working group" to discuss the disappearance, the Saudi foreign ministry said.

The Saudi prosecutor has received instructions "to work quickly", so an announcement could happen within days, the Saudi official said.

President Donald Trump, who has forged a close relationship with the Saudi rulers, has said the investigating the case and lawmakers have threatened to take action against the kingdom.

Trump's comments came after a telephone conversation with King Salman, father of the crown prince, the first such talks since the crisis erupted.

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