BloombergInvestors are not taking sides in the biggest political crisis in the Persian Gulf in decades because their focus has already returned to oil. The dispute remains in stalemate after Qatar denied the charges and rejected the Saudi bloc’s demands, which include rolling back ties with Iran and shutting the al-Jazeera news channel. Meanwhile, the feud is taking a back seat to oil for investors, analysts including JPMorgan Chase & Co director of emerging-market local markets strategy Saad Siddiqui said. Oil is “still the biggest macro-driver, it’s the tide which lifts or sinks all boats,” Siddiqui said in London. As long as the Qatar situation remains frozen and without additional measures from the Saudi-led alliance, “attention goes back to market fundamentals,” he said.

Source: Taipei Times July 23, 2017 15:56 UTC