Oil prices jumped after Saudi Arabia, Egypt, the UAE and Bahrain cut ties with Qatar on Monday.
The coordinated move by the Middle Eastern countries, accusing the wealthy Gulf Arab state of supporting terrorism, dramatically escalates a simmering dispute over Qatar's support for the Muslim Brotherhood, the world's oldest Islamist movement.
Saudi Arabia is the world's biggest exporter of crude oil. The UAE capital Abu Dhabi is also a major oil exporter.
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.
Global benchmark Brent jumped 1.1 percent to $50.48 a barrel. US oil also climbed 1 percent to $48.17.
Dubai's stock index dropped 0.6 percent in early trade, while Qatar shares tumbled almost 7% in morning trade.
Editor's note: This article has been edited from the source material.
