Oil jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar on Monday. Global benchmark Brent advanced 1.1 per cent to $50.48 a barrel. US oil also climbed 1 per cent to $48.17. Dubai's stock index dropped 0.6 per cent in early trade.
Qatar is the biggest supplier of liquefied natural gas (LNG) and a major seller of condensate - a low-density liquid fuel and refining product derived from natural gas.
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