Describing "an extraordinary friendship and relationship that dates back to (US president) Franklin Roosevelt and King Faisal," in the 1940s, Obama heaped praise on two powerful Saudi princes in the Oval Office.
"We are continuing to build that relationship during a very challenging time," Obama said, adding that his counter-terrorism work with Crown Prince Mohammed bin Nayef and Deputy Crown Prince Mohammed bin Salman was "absolutely critical" to the United States.
But the warm words belied deep divisions over Iran's role in the region and US security guarantees.
Conspicuous in his absence at the White House was Saudi leader King Salman, who refused to attend the summit, in what was widely seen as a diplomatic snub, despite Riyadh's insistence it was not.
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Five other Gulf leaders -- but only two heads of state -- are expected to arrive at the White House later in the day.
The Arab and largely Sunni Muslim states suspect Obama's nuclear deal with Iran is a harbinger of a bigger role for their Persian and Shiite arch-foe.
They will also want assurances the nuclear deal does not represent a broader "grand bargain" with Iran.