Oil markets rose more than 1 percent on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar, and as signs of falling OPEC supplies tightened the market. Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain cut ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability.

There is not much geopolitical risk premium priced into oil right now (but) if tensions do ratchet higher between the key OPEC producers. Brent crude oil futures rose 67 cents, or 1.3 percent, to $50.62 per barrel by 0544 GMT. U.S. West Texas Intermediate futures were at $48.31 a barrel, up 65 cents, or 1.4 percent.

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