The pact came at a strategic moment for Saudi Arabia, which is trying to transform itself into a country with a much more diverse economy. A stronger oil price is helpful.
Crown Prince Mohammed bin Salman is driving Vision 2030, a reform movement aimed at modernizing Saudi Arabia and developing new jobs in industries such as technology, entertainment and tourism. Selling shares in Saudi Aramco to the public is a cornerstone of the strategy, and it will enable a Saudi sovereign fund to diversify the kingdom's holdings.
U.S.-Russia relations have also skidded to a new low, with the special prosecutor's ongoing investigation alleging Russians meddled in the U.S. election process. Russia also remains under sanctions for its incursion into Ukraine. "[Relations] haven't been this low since Gorbachev came to power," said Georgetown's Stent.
Saudi Arabia, meanwhile, has been a longtime ally of the United States and remains close. Bin Salman, expected to become king after his father, will be visiting the United States later this month.
"Trump's first visit and trip abroad was to Saudi Arabia. What he signaled was a strong relationship with Saudi Arabia, and a lot of that was about money," Stent said, noting the trip coincided with a big arms deal announcement.
"If there is a broader and more structured [Mideast] policy, I don't know what it is," said Stent, adding that "if the U.S. wants to be more of a player in the region, it has to talk to Iran."
Stent said the Saudi relationship with the United States remains strong.
"I think it's probably hedging its bets. I think the test of this will come if they do believe Russia can restrain what Iran does. At what point are they going to decide if that is or isn't true? What the Israelis are concerned about is the Iranians will establish military airbases in Syria. The Saudis might not like that, but they have more concerns about them," said Stent.