Could the Qatar crisis spike oil prices?

The market wants to shrug off the Riyadh-Doha spat. It’s a risky position

An oil market that loses 4% on a day when Islamic State (IS) attacks Iran's parliament, Tehran blames Riyadh, and Donald Trump tweets his support as Saudi Arabia tries to humiliate another Gulf state is entering unusual territory. Bears still believe tight oil growth, modest US consumption and the frailty of the Opec deal can overwhelm the rising geopolitical risks in the Middle East. It raises the chance of a price shock. The Saudi vs Qatar scrap may end quickly, with the countries' rulers dancing to a more peaceful drumbeat again. But the signs are not good. Riyadh and the other Gulf Cooperation Council (GCC) states on its side are demanding Doha's capitulation. Qatar's willingness to de