DUBAI: Most stock markets in the Gulf ended higher on Tuesday, with the Saudi index at an 18-month high, although the gains were limited on geopolitical tensions in the region.

The Iran-aligned Houthis continued their attacks on shipping lanes in the Red Sea and Bab al-Mandab Strait, with at least four more vessels hit by drone and missile strikes since Friday.

Houthi said on Monday they had attacked the Rubymar cargo vessel in the Gulf of Aden which was at risk of sinking, raising the stakes in their campaign to disrupt global shipping in solidarity with Palestinians in the Gaza war.

Saudi Arabia’s benchmark index edged up 0.1%, closing at its highest since August 2022, helped by a 0.8% rise in Al Rajhi Bank.

Elsewhere, Saudi Telecom advanced 2.5% after reporting an annual net profit of 13.30 billion riyals ($3.55 billion), up from 12.71 billion riyals a year earlier.