Qatar’s exports of oil and gas have continued largely unaffected since Saudi Arabia, the UAE, Bahrain and various other countries slapped sanctions on it last week (MEES, 9 June). They cannot prevent Qatar from shipping cargoes through the Strait of Hormuz, but have sought to make the process as tough as possible. The resultant uncertainty for buyers has not been helped by the mixed messages emanating from Riyadh and Abu Dhabi.

These countries immediately stated that ships with Qatar...