Saudi Arabia’s benchmark rose 0.8% to 10,190 points on Sunday as higher oil prices lifted energy shares. Other Gulf stock markets fell, while Egypt’s blue-chip index lost 2.6%.
Saudi Arabian Oil Company, known as Saudi Aramco, led the Saudi advance with a 2.1% gain. Brent crude futures had settled at $109.86 per barrel on Friday, up $3.94, or 3.7%. That was their highest settlement since May 19.
Traders weighed the risk of tighter Middle East supplies alongside uncertainty over how much diesel Russia could supply to global markets.
However, Qatar’s benchmark dropped 2% to 8,634 points, its lowest close since April 2020. Petrochemical producer Industries Qatar fell 4.3%, while Qatar Islamic Bank declined 2.6%.
Read: US-Iran War Disrupts Oil Routes Through Hormuz and Red Sea
Outside the Gulf, Egypt’s blue-chip index finished at 50,896 points. Its intraday fall was the largest since February. Smaller Gulf markets also retreated.
Bahrain’s benchmark fell 0.5% to 1,899 points, Oman’s eased 0.3% to 7,656 points, and Kuwait’s premier index lost 0.2% to 8,871 points.
Meanwhile, Iran’s Foreign Minister Abbas Araghchi told Iranian media that Tehran’s seven-day proposal to reopen the Strait of Hormuz remained available to Washington.
Read: UK Reports 12 Shipping Attacks Across Hormuz and Gulf Waters
Separately, Egypt’s presidency said Cairo was ready to provide Saudi Arabia with the support it needed to defend its security and stability.
