Saudi Arabia denies using oil as pressure tactic for Gaza ceasefire

Shafaq News/ Saudi Arabia's Investment Minister, Khalid Al-Falih, confirmed that the Kingdom is not considering the use of oil as a tool to pressure a ceasefire agreement in the Gaza Strip.

In response to inquiries about economic strategies, including manipulating oil prices, Al-Falih told Bloomberg, "This matter is not being discussed today. The Kingdom of Saudi Arabia is seeking peace through peaceful discussions."

Al-Falih revealed Saudi Arabia's upcoming diplomatic initiatives, stating that the Kingdom plans to hold separate summits with Islamic and African countries in the coming days to discuss peaceful solutions to the Palestinian-Israeli conflict.

During a discussion session at the Bloomberg New Economy Forum in Singapore, Al-Falih acknowledged that normalization of relations with Israel remains a possibility but emphasized that it is contingent upon reaching a peaceful resolution to the Palestinian issue. He stressed the importance of addressing the fundamental rights of the Palestinian people, including their right to establish a state and coexist peacefully.

The ongoing escalation between Hamas and Israeli forces has led to a significant humanitarian crisis in Gaza. Israel's attacks on the strip have resulted in more than 10,000 casualties and severe infrastructure damage.