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Chilling Saudi-US relations not expected to heat up oil market

Traders in the crude oil options pit at the New York Mercantile Exchange.
Jin Lee | Bloomberg | Getty Images

Signs of friction between the U.S. and Saudi Arabia have caught the attention of the oil market, but traders aren't concerned about supply issues for now.

Saudi Arabia has been unhappy about the U.S. approach to Syria and Iran, and it is apparently making that clear in diplomatic circles. Last week, it turned down a two-year term on the U.N. Security Council in protest against inaction over Syria, even though that body oversees the United Nation's handling of Syria.