Donald Trump and Mohammed bin Salman
President Trump shakes the hand of Crown Prince Mohammed bin Salman

As tensions escalate between Saudi Arabia and regional rival Iran, U.S. President Donald Trump has made it very clear which side he is on.

Although Trump has been critical of Iran for years, his position regarding recent issues between the two regional powers was stated plainly in a press release from the White House on Wednesday.

Referencing a recent missile strike targeting Riyadh from Yemen, Trump has thrown his full weight behind the Saudi leadership, placing the blame squarely on Iran's shoulders.

Speaking on behalf of the United States, the White House statement says that the country "welcomes the Kingdom of Saudi Arabia's statement exposing the Iranian regime's support for Houthi militias".

Continuing, the statement says that the United States condemns the actions of Iran and stands "with Saudi Arabia and all of our Gulf partners against the Iranian regime's aggression and blatant violations of international law".

The White House further called on the United Nations to investigate Iran's actions in Yemen and called "all nations" to hold the Iranian government accountable.

For its part, Iran has denied its involvement in the recent missile attack. 

Riyadh has doubled-down on its criticism of Tehran however, also calling out the Lebanese political group Hezbollah, which it alleges was involved in the weekend attack.

Trump expressed his 'great confidence' in Saudi leadership earlier this week

Following a series of arrests in the kingdom, targeting well-known princes and businessmen, Trump tweeted his sentiments, saying that King Salman and Crown Prince Mohammed bin Salman "know exactly what they are doing".

Furthermore, Trump suggested that some of those arrested had been exploiting the kingdom for years, saying they had been "'milking' their country".

Over the weekend, Prince Mohammed set up a new anti-corruption committee, which swiftly moved to arrest 11 princes, four current ministers, several businessmen and a number of former government ministers. High-profile billionaire Prince Alwaleed bin Talal, dubbed "the richest Arab", is among those detained.

Trump wants Saudi support in return

While the U.S. President has been cozying up to the kingdom since his May visit to Saudi Arabia, over the weekend he expressed his hopes that financial ties will increase between his country and the kingdom even further.

Sending out a tweet, Trump publicly pleaded with Saudi Arabia on Saturday to sell shares in its national oil company – Aramco – on the New York Stock Exchange (NYSE).

The world's largest oil company will debut its shares on the Saudi domestic market called 'Tadawul', but it is also expected to list on at least one foreign exchange in the second half of 2018.

Experts have previously said that its equity sale could be the largest in stock market history.

Announced in early 2016, Saudi leaders hope to raise $100 billion by selling just 5 percent of the company in an initial public offering (IPO). 

Saudi Arabia said earlier this year that Trump's presidency singled a "historical turning point" in U.S.–Saudi relations. With the U.S. President's recent show of total support, it appears the alliance is stronger than ever.