Qatar falls into diplomatic crisis and Brent crude oil price rising
Author: Windbetll tank gaugeTime: 2017-06-06
Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar.
Oil gained and Qatari stocks plunged after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from the Gulf emirate. Saudi Arabia will also shut land crossings with its neighbor, potentially depriving the emirate of imports through its only land border.
Most of the countries belong to OPEC , and the incident happened in Middle East has attracted investors' attention to the crude oil market and the OPEC reduction agreement. For this reason, Brent crude rose as much as 1.6% to $50.74/bbl on London-based ICE Futures Europe exchange, before paring gains to 0.4% in London.