Oil Rally Lifts Saudi Stocks, While Qatar And Egypt Markets Tumble
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Gulf stock markets ended mixed on Sunday as rising crude prices lifted Saudi Arabia’s benchmark index by 0.8%.
- ✓Saudi Aramco shares got a boost, but regional tensions caused Qatar and Egypt markets to fall.
- ✓Investors remained worried about the Middle East conflict, which also pushed Bahrain, Oman, and Kuwait lower.
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- India Economy
Gulf stock markets ended mixed on Sunday, with rising crude prices supporting Saudi Arabia's benchmark index while escalating regional tensions weighed on equities in Qatar and Egypt. Bahrain, Oman and Kuwait also closed lower as investors assessed the potential impact of the widening Middle East conflict.
Saudi Arabia's benchmark index gained 0.8% to 10,190, supported by a 2.1% advance in oil giant Saudi Aramco, according to Reuters. Higher crude prices bolstered sentiment amid concerns that geopolitical tensions could further constrain global supplies.
Brent crude futures settled up $3.94, or 3.7%, at $109.86 a barrel on Friday, their highest close since May 19. Traders weighed the risk of further supply disruptions alongside uncertainty over Russian diesel supplies.
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