During the meeting, the prince conveyed the greetings of Custodian of the Two Holy Mosques King Abdullah to the president.
Saudi Ambassador to the United States Adel Al-Jubeir also attended the meeting.
The talks came as diplomatic sources said the European Union was considering a case-by-case easing of its oil embargo against Syria in order to help the opposition.
If formally agreed by EU foreign ministers at talks in Luxembourg, the decision would enable EU companies to import oil on a case-by-case basis from areas under opposition control, the sources said.
It would also allow EU firms to resume investments and export of equipment intended for the oil and gas sector, said the sources.
Prince Saud, Obama discuss Syria crisis