Qatar's rift with Saudi Arabia could turn up the heat on oil, gas prices

Gas traders are on high alert as row between Qatar and neighboring Middle East countries escalates

Any political tension between major Middle Eastern energy-producing nations usually leads to a spike in global oil prices. But as the spat between Qatar and neighboring countries escalates, traders in the world’s gas markets will be on high alert too.

On Monday, Saudi Arabia, Bahrain, United Arab Emirates and Egypt broke diplomatic ties with Qatar, accusing the country of backing terrorism activities. Qatar has denied the allegations. The diplomatic row led U.S. oil traded on the New York Mercantile Exchange up by as much as 1.6% to $48.42 per barrel in Asian trading, before it slipped back later.

The relatively