Oil Lifts Saudi Stocks as Egypt Market Falls

Gulf stock markets closed mixed on Sunday as escalating geopolitical tensions influenced regional investors.

Saudi Arabia’s benchmark index rose 0.8 per cent, propelled by a 2.1 per cent gain in state oil company Saudi Aramco.

Crude oil prices provided strong tailwinds after Brent crude settled up 3.7 per cent at $109.86 per barrel on Friday, reaching its highest level since May due to fears over Middle East supply disruptions and Russian diesel export limits.

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In contrast, Qatar’s main index dropped 2 per cent to land at its lowest closing level since April 2020.

Major losses in petrochemical producer industries in Qatar and Qatar Islamic Bank drove the downturn, even as Iranian Foreign Minister Abbas Araqchi reiterated Tehran’s offer to reopen the Strait of Hormuz.

Oil lifts Saudi stocks as Egypt market falls (News Central TV) — Saudi Crown Prince Mohammed bin Salman is received by Egyptian President Abdel Fattah al-Sisi upon his arrival in Cairo, Egypt, on June 20, 2022. Credit: Saudi Press Agency/Handout via REUTERS

Outside the Gulf region, Egypt’s blue-chip index fell 2.6 per cent in its sharpest single-day decline since February, after the Egyptian presidency signalled readiness to assist Saudi Arabia against escalating Houthi attacks.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.