The Saudi minister rejected the possibility of using oil as leverage to force a ceasefire in Gaza.

The Saudi Minister of Investment, Khalid bin Abdulaziz al-Falih, confirmed that the issue of normalizing relations between the kingdom and Israel is still on the table, but it is conditional on a peaceful solution to the Palestinian issue.

Falih responded to a question about normalization in a discussion session at the Bloomberg New Economy Forum held in Singapore: “This matter was on the table, and it is still on the table, and it is clear that the recent withdrawal (from the talks) explains why Saudi Arabia is so determined to make a solution to the Palestinian conflict part of broader normalization in [West Asia].”

When Falih was asked whether Saudi Arabia would use economic tools, such as the price of oil, to achieve a ceasefire in the Gaza Strip, he laughed and replied: “This is not on the table today. Saudi Arabia is trying to achieve peace through talks that seek peace.”

In 1973, Saudi Arabia imposed an oil embargo on the United States and other countries for their support of Israel in the Yom Kippur War against Egypt and Syria.

According to Falih, in the coming days Saudi Arabia is expected to host three separate summits with the participation of Arab, African and Islamic countries, aimed at promoting a peaceful solution to the Israeli-Palestinian conflict.

Before the war between Hamas and Israel erupted on 7 October, Tel Aviv and Riyadh were in advanced talks to normalize relations. Saudi Crown Prince Mohammad bin Salman (MbS) was reportedly asking the US for security guarantees and access to civilian nuclear technology and advanced weapons in exchange for a deal.

Saudi diplomats also stated Israel must agree to the establishment of a Palestinian state as detailed by the 2002 Saudi Peace Initiative. Though allowing a Palestinian state was rejected by Israeli Prime Minister Benjamin Netanyahu and several Jewish supremacist ministers in his government, reports continued to emerge that a deal was close. 

However, following Hamas’ surprise attack on Israel on 7 October and Israel’s brutal bombing campaign in Gaza, which many describe as genocide, it was widely assumed that a normalization deal between Tel Aviv and Riyadh was now not possible, as public anger in Saudi Arabia and other Arab countries regarding Israel’s killing of Palestinians has skyrocketed.

source: The cradle