Qatari stocks took a nosedive on Monday after Saudi Arabia and four other Arab countries cut ties with the tiny Gulf state over allegations that it was supporting terrorism. Saudi Arabia, the United Arab Emirates, Bahrain, Egypt and Yemen broke diplomatic ties after accusing the country of backing terrorism. The heightened tension stoked concerns about the future of oil prices and a deal on production cuts among the neighboring countries. While the move initially sent oil prices up, those gains were soon wiped out, with a barrel of crude falling nearly 1% to $47.28. Energy companies like Gas Transport Company and Qatar Fuel were among the hardest-hit Qatari stocks.

Source: Forbes June 05, 2017 13:24 UTC