Gulf stock markets ended mixed on Sunday, with rising crude prices supporting Saudi Arabia's benchmark index while escalating regional tensions weighed on equities in Qatar and Egypt. Bahrain, Oman and Kuwait also closed lower as investors assessed the potential impact of the widening Middle East conflict.
Saudi Arabia's benchmark index gained 0.8% to 10,190, supported by a 2.1% advance in oil giant Saudi Aramco, according to Reuters. Higher crude prices bolstered sentiment amid concerns that geopolitical tensions could further constrain global supplies.
Brent crude futures settled up $3.94, or 3.7%, at $109.86 a barrel on Friday, their highest close since May 19. Traders weighed the risk of further supply disruptions alongside uncertainty over Russian diesel supplies.
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Qatar's benchmark index fell 2% to 8,634, its lowest closing level since April 2020. Industries Qatar declined 4.3%, while Qatar Islamic Bank lost 2.6%.
Diplomatic developments also remained in focus. Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran's proposal for the United States to reopen the Strait of Hormuz within seven days remained on the table.
The strategic waterway is a key route for global energy shipments, making its status a major concern for oil markets.
Outside the Gulf, Egypt's blue-chip EGX30 index dropped 2.6% to 50,896, its steepest decline since February. Separately, Cairo signalled its readiness to support Saudi Arabia amid intensifying attacks by Yemen's Iran-aligned Houthi movement on the kingdom.
Egypt's presidency said the country was prepared to provide Saudi Arabia with the necessary support to protect its security and stability.
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Elsewhere, Bahrain's index declined 0.5% to 1,899, Oman's benchmark eased 0.3% to 7,656, and Kuwait's index slipped 0.2% to 8,871.
The contrasting market movements highlighted how higher oil prices supported Saudi equities even as geopolitical uncertainty weighed on sentiment across other regional markets.
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