DUBAI: Most Gulf equity markets closed higher on Wednesday, buoyed by restored crude flows from a key Saudi pipeline and growing optimism over a diplomatic resolution to the US-Iran conflict.
Global oil markets faced downward pressure on Tuesday after Saudi Arabia restarted operations at its East-West Pipeline, with three sources indicating crude exports from the Red Sea port of Yanbu could soon resume amid broader signs of rising Middle Eastern supply.
Despite US President Donald Trump alternating between stark threats and hints of an imminent accord in response to Iranian defiance, diplomatic efforts at the United Nations continued to gain ground.
This momentum toward de-escalation, coupled with recovering regional supply, alleviated market strain and dragged benchmark Brent crude below the USD100-a-barrel mark for the first time since September 8.
Dubai’s main share index edged 0.2 percent higher, helped by a 2.8 percent rise in toll operator Salik Co.
In Qatar, the index rose 0.3 percent, with Qatar National Bank, the Gulf’s biggest lender, gaining 0.5 percent.
In Abu Dhabi, the index reversed early losses to finish 0.4 percent higher.
On Wednesday, the Saudi stock market was closed for a public holiday.
Outside the Gulf, Egypt’s blue-chip index retreated 1.3 percent.