Markets reacted to the escalation of the diplomatic row in the Gulf region and sent the price of oil 1.04 per cent higher to $50.47 per barrel, Xinhua news agency reported.
In Doha, the Qatar Exchange Index plummeted 7.94 per cent to hit 9,135, marking an 18-month low.
In the UAE, the Dubai financial market DFM dived 1.36 per cent one hour after opening and fell below 3,300. Bank shares in particular posted heavy losses.
Media reports indicated that all UAE airlines, including budget flyer FlyDubai and Etihad from Abu Dhabi, will stop flying to Qatar from Tuesday.
In Abu Dhabi, the UAE capital, the ADX General Index declined by 0.36 per cent, trading around 4,467.
The Bahraini All-Share Index bucked the regional slump and gained 0.58 per cent.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.