Saudi Arabia, U.A.E., Egypt and Bahrain cut ties with Qatar Diplomatic spat hasn’t affected oil and gas shipments Oil advanced after a Saudi-led alliance cut diplomatic ties with Qatar and moved to close off access to the Gulf country, raising tensions in the world’s biggest oil-producing region. Futures were 0.5 percent higher in New York, having gained as much as 1.6 percent when the dispute first emerged. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran. Prices slumped last week amid concern that rising U.S. output will undercut supply curbs by OPEC and its partners. While the diplomatic spat hasn’t affected shipments, any further escalation could raise the prospect of supply disruptions from the Middle East, including Organization of Petroleum Exporting Countries members Saudi Arabia, Iran and […]