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Higher oil prices helped most stock markets in the Gulf rise on Tuesday, with the Saudi index on course to post a third straight session of gains.

Saudi Arabia’s benchmark index gained 0.8%, led by a 3.3% rise in Alinma Bank and a 1.8% increase in Saudi Basic Industries Corp.

Crude prices, a key catalyst for the Gulf’s financial markets, rose slightly, after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

Over the past few months, oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut fuel demand.

Saudi index outperforms Gulf peers as oil prices rise

Dubai’s main share index added 0.4%, led by a 4.2% rise in Emirates Integrated Telecommunications.

Higher oil prices have also helped Dubai-based transport startup Swvl attract customers, as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told Reuters.

In Abu Dhabi, the equities firmed 0.3%, with the telecoms firm e& gaining 0.9%.

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