Saudi-led alliance cuts ties with Qatar

(BLOOMBERG) Four U.S. Arab allies led by Saudi Arabia pushed ahead with plans to isolate Qatar in an unprecedented escalation designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups.

Qatari stocks plunged the most since 2009 after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said in coordinated statements that they will halt air, sea and land travel to and from the Gulf Cooperation Council member. Saudi Arabia immediately banned Qatari planes from landing in the kingdom and said it will prohibit them from using Saudi air space as of Tuesday.

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