THE Middle East witnessed two major geopolitical events in June – a diplomatic crisis that left Qatar isolated and a regime change in Saudi Arabia. The fact that oil prices hardly reacted to either underscores the persistent supply glut facing the market.
On June 5, Saudi Arabia, the UAE, Bahrain and Egypt abruptly severed diplomatic and transport ties with Qatar over long-standing allegations that the maverick emirate had been financing Islamist terrorist groups that threatened the security of its Arab neighbors.
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