Major Gulf bourses were mixed on Thursday as oil prices continued to hover around $91, and investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
US President Joe Biden and King Salman of Saudi Arabia discussed energy supplies in the face of soaring fuel prices and developments in the Middle East, including Iran and Yemen, in a telephone call on Wednesday.
Global crude prices, which have rallied about 20% this year, are likely to surpass $100 a barrel because of a weaker-than- expected hit to demand from the Omicron variant of coronavirus, analysts have said.
Meanwhile, Saudi Arabia's benchmark index was trading flat.
Bank Aljazira was up 3.4%, with the share scheduled to trade ex-dividend from Monday.
Shares of media company Tihama rose 3.4% after the company posted a narrower quarterly loss on Wednesday.
Major Gulf bourses close higher; Egypt rises 0.6%
The United Arab Emirates will gradually lift restrictions imposed to check the spread of the COVID-19 pandemic, as the number of infections and hospitalisations has gone down, the state news agency WAM reported on Wednesday. Tourism remains a big boost for the oil-rich federation.
Dubai's main share index was up for the fifth straight day, gaining 0.4%. Financials were the top contributors.
The Qatari index dropped marginally, a day after clocking its best session in nearly a month.
In Abu Dhabi, the index rose 0.6% in its fifth consecutive session of gains.
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