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Oil Prices Spike on News of Saudi King's Death

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Saudi Arabia's King Abdullah, a powerful U.S. ally in the fight against al Qaeda, passed away Friday. He was 90 years old.
    
News of his death comes during a time of turmoil throughout the region, and it even sent oil prices rising.
        
More than his guarded predecessors, Abdullah was known for assertively throwing his oil-rich nation's weight behind efforts to shape the Middle East.
    
As a Sunni Muslim, he made it a priority to go against the influence of the rival Shiite regime in Iran wherever it tried to assert itself. A strong U.S. ally, he joined Washington in the fight against al Qaeda.
    
While King Abdullah kept a historically close alliance with the U.S., there were tense moments as he tried to put the relationship on Saudi Arabia's terms.
    
He was constantly frustrated by the failure of U.S. leaders to bring about a settlement to the Israel-Palestinian conflict.
    
The new Saudi king is 79-year-old Salman Bin Abdul-Aziz, the half-brother of Abdullah.
    
He promised Friday to continue the policies of his predecessors.
        
Although news of King Abdullah’s death caused oil prices to rise, experts believe the increase won’t likely last long without a cut in Saudi Arabia's huge crude production.
    
The small rise reflects added uncertainty about Saudi oil policy because the new King Salman is also in poor health.

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About The Author

Mark
Martin

Mark Martin currently serves as a reporter and anchor at CBN News, reporting on all kinds of issues, from military matters to alternative fuels. Mark has reported internationally in the Middle East. He traveled to Bahrain and covered stories on the aircraft carrier, the U.S.S. Dwight D. Eisenhower. Mark also anchors CBN News Midday on the CBN Newschannel and fills in on the anchor desk for CBN News' Newswatch and The 700 Club. Prior to CBN News, Mark worked at KFSM-TV, the CBS affiliate in Fort Smith, Arkansas. There he served as a weekend morning producer, before being promoted to general