According to state media on Tuesday, Iran’s Supreme Leader Ayatollah Ali Khamenei said that nations trying to normalize relations with Israel “are betting on a losing horse.”

“The Islamic Republic has made it clear that nations that take the risk of normalizing relations with Israel will fail. They are placing their bets on a faded prospect, Khamenei remarked.

Israel’s foreign minister suggested last month that a framework agreement for establishing relations between Israel and Saudi Arabia may be in place by the start of next year after the three parties showed signs of progress in the difficult discussions.

An Israeli-Saudi normalisation would dramatically redraw the Middle East by formally bringing together two major U.S. partners in the face of Iran – a foreign-policy flourish for President Joe Biden as he seeks reelection in late 2024.