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Halftime—Gen. Wesley Clark: Saudi Arabia Is Stable

Oil markets have been on edge that the unrest that has swept across Northern Africa could spread to other oil-producing countries, but retired Gen. Wesley K. Clark said Thursday Saudi Arabia is stable.

In an attempt to quell rumblings of dissent, King Abdullah allocated $36 billion into housing and other social assistance channels. Given Abdullah's handling of anger in the Arab world, Clark said Saudi Arabia is likely the last country to see an uprising.

"He's done the right thing at this point," Clark said of Abdullah. "Clearly, there are some elements in there who may not agree, but I think, by and large, it's his relation with Islam and his role in the center and his oil wealth."

Oil had surged to 2-1/2-year highs near $120 a barrel on Thursday as the revolt in Libya choked exports, but it eased after Saudi Arabia assured European refiners the kingdom could step in to fill any supply shortfalls. While Saudi Arabia has shown stability, Clark said it remains to be seen what becomes of Egypt's reforms.

"We know that if there's not a lot of good help and work behind the scenes, the wrong people can take away the very liberties those people are demonstrating to recieve," Clark said, adding that the USA and other nations should assist Egypt in its transformation.

Asked by CNBC's Simon Hobbs what he would advise President Barack Obama to do, Clark said he would call for a no-fly zone over Libya. Clark said the U.S. should continue to provide non-combative evacuations out of Libya and other Arab countries plauged with violence.

During his 34 years in the U.S. Army, Clark served in the infantry in Vietnam. In the 1990s, he served as supreme Allied commander in Europe and oversaw NATO operations during the Kosovo war. After his retirement from the military in 2000, Clark became an investment banker. A few years later, he entered politics and briefly ran as a Democratic candidate for president in 2004.

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Trader disclosure: On Feb. 24, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE) and (BTU).

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CNBC.com with wires. Reuters contributed to this report.

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