Saudi Arabia—the world’s biggest crude oil exporter, the UAE, Egypt and Bahrain cut ties with Qatar, accusing the Gulf Arab state of supporting terrorism. Photo: BloombergLondon: Oil rose 1% before paring gains on Monday after a diplomatic rift involving some of the Arab world’s major energy producers, while sterling weakened only marginally following a deadly attack in London days before a parliamentary election. In the Middle East, Qatar’s main stock index fell more than 7% after Saudi Arabia—the world’s biggest crude oil exporter—the United Arab Emirates, Egypt and Bahrain cut ties with Qatar, accusing the Gulf Arab state of supporting terrorism. Dubai stocks fell 1.7% and the main Saudi index dropped 0.8%. Brent crude oil, the international benchmark, rose more than 1% at one point, recouping some of last week’s 4% loses, before paring gains.

Source: Mint June 05, 2017 16:30 UTC