I wouldn't count out the Saudi - Iranian angle here.
The Saudis hate Iran and hate even more the idea of them getting the bomb. I can't help but notice that this corresponds with the extension of the latest phase of the Iran nuclear talks. With Oil this low, the Iranian economy is also in a world of hurt and they may have to cut a deal. I think that's the major Saudi motivation. If they hit Putin and the Frackers too, even better. But if/once Iran caves, I think they'll take their foot off the gas.
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