Oil prices climb over Qatar, London crisis

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.