RIYADH/WASHINGTON (June 5): Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar in an unprecedented move designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups in the region.

Oil jumped after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said in statements they will suspend air and sea travel to and from Qatar. Saudi Arabia will also shut land crossings with its neighbor, potentially depriving the emirate of imports through its only land border.

Qatar is one of the world’s richest countries and of strategic importance, being the biggest producer of liquefied natural gas and home to one of the world’s largest sovereign wealth funds. It also hosts CENTCOM, the US military’s central command in the Middle East.

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