Most Gulf stock markets closed higher on Sunday as oil prices climbed above $94 per barrel, driven by mounting concerns over potential U.S. sanctions targeting Iran and its trade partners.
Brent crude futures settled at $94.39 a barrel on Friday, extending gains amid reports that Washington may impose fresh economic penalties on Tehran and major buyers such as China. The geopolitical tensions, including defiant exchanges between the U.S. and Iran ahead of a sanctions announcement due Monday, reinforced expectations of tighter global crude supply.
Saudi Arabia's benchmark Tadawul All Share Index rose 1.1% to 11,079 points, led by gains in materials and financial shares. 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, reaching its highest closing level in two decades.
Qatar's main index climbed 0.1% to 9,688 points, supported by advances in 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, up 1.1% at 55,350 points, with broad-based buying across large-cap stocks. Commercial International Bank gained 1.3%, while state-controlled Telecom Egypt rose 3.1% after FTSE Russell announced its inclusion in the FTSE Emerging Markets Index following the semi-annual review.
Elsewhere in the region, Kuwait's index gained 0.8% to 9,309 points, Bahrain's index was flat at 1,944 points, and Oman's index declined 0.2% to 7,509 points.
The Central Bank of Egypt maintained overnight interest rates unchanged at its latest meeting on Thursday, a move that followed a period of monetary tightening aimed at curbing inflation.
