says oil prices could spike to unimaginably high levels if the world doesn't come together to deter iran they've been attacks on the saudi oil sector the world's largest crude exporter sharply reducing production still haven't been so and says he prefers a political solution to a military one that's helping ease oil prices today but not the saudis worries fitch has downgraded their credit rating citing the rising tensions. saudi arabia's message is clear an armed conflict with iran would have catastrophic implications for the global economy and send markets reeling it's a stark warning and one riyadh hopes will prevent military action by its long time rival a spate of attacks on saudi oil facilities allegedly orchestrated by iran earlier this month led to a huge spike in crude oil prices as saudi output sputtered in a rare interview with u.s. broadcaster c.b.s. the saudi crown prince issued a stern call to action. and that if the world does not take a strong and firm action to deter iran we will see further escalations that will