It was supposed to be the easiest deal ever reached among key oil market players, a mere formality.

Eighteen countries were gathering in the Qatari capital of Doha to rubber-stamp the first joint agreement between major OPEC and non-OPEC nations in 15 years, tackling a huge global glut after flooding the market for two years.

The text was agreed and the timeframe was clear. Oil prices were rising. Traders were calling the event boring.

Then, the first clouds began to appear.

Thousands of kilometres away from Doha, at a Friday summit of the Organisation of Islamic Cooperation in Istanbul, Saudi King Salman bin Abdulaziz and Iranian President Hassan Rouhani gave each other the cold shoulder in front of cameras after the 57-member group accused Iran of supporting terrorism.

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