The oil industry is busy assessing a deepening diplomatic crisis in the Middle East, where Saudi Arabia raised the stakes in its showdown with fellow Gulf Arab neighbor Qatar on Tuesday over the latter’s alleged support of terrorism. The kingdom’s central bank told local lenders to refrain from dealing with Qatari banks and in Qatari riyals even as mediation efforts got under way to resolve one of the worst political and economic crises to hit the Gulf Cooperation Council (GCC) states in decades.
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