Four Arab Countries Cut Ties With Qatar

Four Arab countries have cut diplomatic ties with Qatar, stating that the move is due to national security issues. Saudi Arabia, UAE, Bahrain and Egypt have all criticized Qatar's support of the Muslim Brotherhood and accused Qatar of backing Iran's agenda.

Qatar's foreign ministry has hit back by calling the move "unjustified" and insisting that it will not affect its citizens. 

The escalating situation in the region has put significant pressure on crude oil prices, with the global brent benchmark seeing prices jump up 1.42% to $50.66 a barrel.

This article was written by a staff member of TheStreet.