Most Gulf stock markets advanced on Sunday as oil prices climbed, driven by rising geopolitical tensions after U.S. President Donald Trump warned of potential economic sanctions targeting Iran’s trading partners.
Brent crude futures settled at $94.39 a barrel on Friday, reflecting concerns over tighter global crude supply amid the escalating standoff. The United States and Iran exchanged defiant statements ahead of a planned announcement on new sanctions, which could impact major trading partners including China.
Saudi Arabia’s benchmark Tadawul All Share Index rose 1.1% to 11,079, led by gains in materials and financial shares. Al Rajhi Bank climbed 2.1%, while Saudi Arabian Mining advanced 4%. The National Shipping Company of Saudi Arabia surged 9.5% to 37.30 riyals, marking its highest closing level in two decades.
Qatar’s main index edged up 0.1% to 9,688, supported by gains across communications, financial, energy and materials sectors. Qatar National Bank, the region’s largest lender, rose 1.6%, and Qatar Gas Transport added 1.5%.
Egypt’s blue-chip EGX 30 index extended gains for a second straight session, closing 1.1% higher at 55,350. Commercial International Bank advanced 1.3%, while Telecom Egypt gained 3.1% after FTSE Russell confirmed its inclusion in the FTSE Emerging Markets Index following the September review. Egypt’s central bank held its overnight interest rates steady on Thursday.
Kuwait’s market rose 0.8% to 9,309, while Bahrain’s index ended flat at 1,944. Oman’s gauge slipped 0.2% to 7,509, bucking the regional trend.
