DUBAI: Gulf markets ended mixed on Sunday as geopolitical tensions weighed. Saudi Arabia was lifted by higher oil prices, while Qatar fell to a six-year low and Egypt slipped as it was drawn further into the Middle East turmoil.
Saudi Arabia’s benchmark index rose 0.8 percent, led by a 2.1 percent rise in oil behemoth Saudi Aramco.
Oil prices supported the move. On Friday, Brent crude futures settled up USD3.94, or 3.7 percent, higher at USD109.86, their highest since May 19 In Qatar, the index fell 2 percent to 8,634, its lowest close since April 2020. Outside the Gulf, Egypt’s blue-chip index declined 2.6 percent, its biggest intraday fall since February. The Egyptian presidency said Cairo is ready to give Saudi Arabia the support it needs to defend its security and stability. Yemen’s Iran-aligned Houthis have intensified their attacks on the world’s largest oil exporter.
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