associate sponsors


After UAE, Bahrain, Saudi Arabia blacklist Qatar, price of oil likely to skyrocket

Dubai: The price of oil gained over 1 percent while stock prices in the Gulf retreated across the board after Saudi Arabia, the UAE, Bahrain, Egypt and Yemen cut diplomatic ties with Qatar on Monday.

Markets reacted to the escalation of the diplomatic row in the Gulf region and sent the price of oil 1.04 percent higher to $50.47 per barrel, Xinhua news agency reported.

In Doha, the Qatar Exchange Index plummeted 7.94 percent to hit 9,135, marking an 18-month low.



In the UAE, the Dubai financial market DFM dived 1.36 percent one hour after opening and fell below 3,300. Bank shares in particular posted heavy losses.

Media reports indicated that all UAE airlines, including budget flyer FlyDubai and Etihad from Abu Dhabi, will stop flying to Qatar from Tuesday.

In Abu Dhabi, the UAE capital, the ADX General Index declined by 0.36 percent, trading around 4,467.

The Bahraini All-Share Index bucked the regional slump and gained 0.58 percent.

Updated Date: Jun 05, 2017 14:45 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See