Six Arab countries including Saudi Arabia, UAE, Bahrain, Yemen, Egypt and Libya cut diplomatic ties with Qatar early Monday.

The decision comes following weeks of rising tensions that saw several Gulf countries blocking Qatari news sites, including Al Jazeera, in response to comments reportedly made by Qatari emir Sheikh Tamim bin Hamad al-Thani. 

The comments were said to criticize Saudi Arabia, and appeared on Qatari state media. At the time the government in Doha dismissed the comments and stated that the country's state media platforms were hacked. 

The implications of the move have already began to unfold, and here's what we know so far: 

1. Economic Implications

Soon after news of the diplomatic crisis broke on Monday, Qatar's stock market tumbled. 

According to The Guardian, heavy losses were reported as of this morning as "the Qatar stock market has closed down 7.27%." 

Gulf News also reported that oil prices jumped following the news on Monday. 

Other economic implications are set to unfold in the coming hours as Saudi Arabia closes a vital land border "through which Qatar imports much of its food and other commodities." 

The air and sea travel suspension to the country will also add to the economic repercussions.   

2. Diplomatic/Political Implications

  • The UAE has given Qatar’s diplomatic mission in Abu Dhabi 48 hours to leave the country. 
  • Egypt, Saudi Arabia and the other countries severing ties with Qatar have also followed suit. 

3. Social Implications

The latest news is set to immediately affect Qatari residents in the UAE, Saudi Arabia and Bahrain. 

  • The UAE, Saudi and Bahrain have given Qatari nationals 14 days to leave the respective countries.
  • For many in Qatar, the news was also worrying and according to Al Arabiya, many in the country "rushed to supermarkets  this morning to stock up on food items after waking up to news of Saudi Arabia closing the country’s only land border."

4. Travel Implications

  • Saudi Airlines, Emirates Airline, and Etihad have stated they will be suspending all flights to Qatar. The suspension will take effect in the early hours of Tuesday. 
  • Qatar Airways has also stated via its official website that it had suspended all flights to Saudi Arabia. 
  • According to Gulf News there will be no implications when it comes to Haj and Umrah pilgrimages as "Qatari pilgrims will be able to visit Saudi Arabia for Haj and Umrah despite the cut in diplomatic relations."