Gulf stock markets advanced on Sunday as oil prices climbed toward $95 a barrel, driven by concerns over potential U.S. sanctions targeting Iran’s trading partners.
Brent crude settled at $94.39 a barrel on Friday, extending gains amid reports that Washington may announce new economic measures against Tehran as early as Monday. The prospect of tighter sanctions has heightened supply disruption risks in the Middle East, a key oil-producing region.
Saudi Arabia’s benchmark index led regional gains, rising 1.1% to 11,079. Al Rajhi Bank advanced 2.1%, while Saudi Arabian Mining gained 4%. The National Shipping Company of Saudi Arabia surged 9.5% to 37.30 riyals per share, marking its highest closing level in two decades.
Qatar’s benchmark index edged up 0.1% to 9,688, with Qatar National Bank, the region’s largest lender, climbing 1.6%. Qatar Gas Transport added 1.5% as energy-related equities tracked oil’s upward momentum.
Egypt’s blue-chip index extended gains for a second consecutive session, closing 1.1% higher at 55,350. Commercial International Bank rose 1.3%, and Telecom Egypt gained 3.1% after FTSE Russell confirmed its inclusion in the FTSE Emerging Markets Index following a semi-annual review in September. Egypt’s central bank, meanwhile, left overnight interest rates unchanged at its latest meeting on Thursday.
Kuwait’s index rose 0.8% to 9,309, while Bahrain’s ended flat at 1,944. Oman was the outlier, with its index falling 0.2% to 7,509.
The divergence in regional performance reflected mixed investor sentiment, with energy-linked stocks buoyed by oil’s rise and broader markets weighing geopolitical risks against domestic economic factors.
