Oil prices surge in wake of Qatari alleged terror scandal

Crude futures rose on Monday after a political rift in the Middle East escalated when Saudi Arabia and three other countries severed diplomatic ties with Qatar.

Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all cut ties with Qatar on Monday, accusing it of meddling in their internal affairs and backing terrorism.

Last month, Qatar's state-controlled news agency posted comments purportedly from its emir that praised Iran and called Hamas the legitimate representative of the Palestinian people. Qatar said its state news agency had been hacked, but Saudi Arabia, the U.A.E., Bahrain and Egypt nevertheless blocked the websites of several Qatari news outlets.

Oil traders are sensitive to Middle East tensions because they worry about supply disruptions, analysts say.

More at Marketwatch.

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