Saudi Shakeup

Saudi King Fahd has died.

(CNN) -- Saudi Arabia's King Fahd -- whose reign was marked by unprecedented prosperity, but whose close ties with the United States stirred the passions of Islamic militants -- has died, Saudi Arabia's information minister announced Monday.

His exact age remains uncertain -- believed to be between 82 and 84.

A source told CNN's Nic Robertson that Fahd died Sunday evening. His burial is scheduled for Tuesday at 3 p.m. (8 a.m. EDT) in Riyadh.

The former Crown Prince Abdullah, Fahd's half brother, has been named the new Saudi king and Defense Minister Prince Sultan has replaced Abdullah as crown prince.

"King Abdullah bin Abdul Aziz has chosen Prince Sultan bin Abdul Aziz as Crown prince in accordance with Article 5 of the basic system of government," a statement from the Saudi royal court said.

Hold on tight, folks. This could be a non-issue, or things could get really ugly. Oil prices have already spiked, though that could be a temporary knee-jerk reaction. I'll try my best to keep you posted.