Bloomberg | Oil Gains After Saudi-Led Alliance Cuts Qatar Ties Over Iran Bloomberg The nations all use the Strait of Hormuz, through which the U.S. Department of Energy estimates about 30 percent of seaborne oil trade passes. Crude had slipped below $50 a barrel amid concern that an extension of OPEC's cuts won't be enough to shrink ... Oil prices higher after Saudi Arabia, other Middle East nations cut ties with Qatar Oil jumps as Qatar ditched, London attacks hurt sterling Oil prices jump amid Qatar diplomatic rift |