Oil prices rise as Arab nations cut ties with Qatar

Oil prices rise as Arab nations cut ties with Qatar

Oil prices are on the rise after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar, accusing it of financing terror and undermining security.

Concerns that political instability in the important oil-producing region could affect supplies sees Brent crude, the international benchmark, climb 1.1% to $50.52 a barrel.

West Texas Intermediate, the main US contract, is up 0.9% to $48.08, the Financial Times reported.

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