Saudi Arabia may take "military action" against Iran after Tehran intensified its attacks on the country, Foreign Minister Prince Faisal bin Farhan Al Saud told CNN.

Following a meeting with regional foreign ministers in the Saudi capital Riyadh, he told CNN correspondent Nick Robertson that Saudi Arabia's leadership would strike back against Iran "if it deems it necessary."

"We will not shy away from defending our country and our economic resources," he said.

The Saudi Foreign Minister accused Iran of attacking "the livelihoods of ordinary Saudis." "What is the purpose of this?" he asked. "What military objectives can there be in attacking an oil refinery?"

Al Saud also criticized Iran's "decision to abandon diplomacy." "It does not believe in negotiations with its neighbors. It is trying to pressure its neighbors," he said. "And what I can say categorically is that this will not work. The Kingdom is not going to yield to pressure. On the contrary, this pressure will backfire."