Saudi Foreign Minister Prince Saud al-Faisal expressed his country’s refusal and other countries in the Middle East, an Iranian call for Islamic countries to stop oil supplies to supporters of Israel because of the Israeli war on Gaza.

Faisal said at a news conference that oil producers in need of oil earnings, considering the use of oil as a weapon, especially at this time lost the value of the idea of referring to the possibility of ending the conflict in Gaza, the use of oil.

Iranian military commander called on Sunday on the Islamic countries to cut off oil exports to supporters of Israel in retaliation for the attack, which the Jewish state’s offensive in Gaza.

 
According to the Islamic Republic News Agency that the Iranian leader described the oil as a commodity can be a pressure on the European and American supporters of Israel in the unequal war.

 
Saudi minister said that oil producing countries would hurt itself if it responded to Tehran’s call to cut supplies.

Oil prices

Oil producing countries faced decline in revenues in the past few months with the collapse of oil prices on top of more than147 $ a barrel in July to about 32 $ in December last.

 
However, oil prices have risen recently due to the Israeli aggression against the Gaza Strip brought to the highest level in two weeks, over 48 $ a barrel Monday.

 
In trading Wednesday, the price of crude oil fell U.S. light crude for delivery in February next in the New York Stock Exchange by 12% the equivalent of 5.95 dollars a barrel for the price up to 42.63 dollars.

 
The dramatic decline of the price of oil, government data showed that the size of the U.S. stockpile of crude oil rose last week by about 6.7 million barrels to total 325.4 million barrels of reserves, with estimates of the experts expect an increase of only one million barrels.