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REUTERS
Oil markets rose around 1% on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar.
REUTERS
Oil markets rose around 1% on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar.
Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain severed ties with top liquefied natural gas and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.
"There is not much geopolitical risk premium priced into oil right now, (but) if tensions do ratchet higher between the key Opec producers, like Saudi Arabia, Iran and Iraq, then the market will start paying attention to this," said Virendra Chauhan, an oil analyst at consultants Energy Aspects...Read more>