TEHRAN (Press Shia Agency) – Saudi Arabia’s crown prince said a military confrontation with Iran would collapse the global economy, adding that he would prefer a political and peaceful solution to a military one.

– World news –

Mohammed bin Salman told the US-based CBS program 60 Minutes that crude prices could spike to “unimaginably high numbers” in case of a conflict.

“The region represents about 30 percent of the world’s energy supplies, about 20 percent of global trade passages, about four percent of the world GDP (gross domestic product),” the crown prince, also known as MBS, said, Al Jazeera reported.

“Imagine all of these three things stop. This means a total collapse of the global economy, and not just Saudi Arabia or the Middle East countries.”

He urged the world to take “strong and firm action to deter Iran” and prevent the situation from escalating further.

In a possible sign of diplomacy, Iraqi Prime Minister Adel Abdul Mahdi announced that he would visit Tehran soon, in an effort to reduce tension in the region, according to Iraqi media.

“Abdul Mahdi, who has arrived from Saudi Arabia wants to invite Saudi Crown Prince bin Salman and the Iranian President Hassan Rouhani to Baghdad for a meeting,” he was quoted as saying.

Earlier, Pakistani Prime Minister Imran Khan said that he was also making an effort to mediate between Tehran and Riyadh. He held talks with Saudi Arabia’s leaders in Riyadh, as well as with Rouhani at the United Nations.