Saudi Crown Prince: Oil prices could spike to "unimaginably high numbers" if no global will to act on Iran

While speaking to a US TV late-Sunday, Saudi Arabian Crown Prince Mohammed bin Salman warned that a war between Saudi Arabia and Iran would collapse the global economy.

Key Quotes:

Oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran

He would prefer a political solution to a military one.

Agreed with US Secretary of State Mike Pompeo that the attacks were an act of war by Iran.

Attacks on oil facilities were an act of war by Iran.

Both crude benchmarks are seen posting small gains, with WTI above $ 56 mark and Brent nearing $ 61.50.