Saudi Arabia's benchmark index gained 0.8% to 10,190 on Sunday, supported by a 2.1% advance in oil giant Saudi Aramco. According to reports from Reuters, the oil price rally provided significant support to Saudi equities as investors responded to rising crude prices. Brent crude futures settled up $3.94, or 3.7%, at $109.86 a barrel on Friday, reaching their highest close since May 19. The higher crude prices bolstered sentiment amid concerns that rising tensions in the Middle East could further tighten supply, with traders also assessing how much diesel Russia could supply to the global market.
Qatar's benchmark index fell 2% to 8,634, marking its lowest closing level since April 2020. As reported by Reuters, Industries Qatar declined 4.3% while Qatar Islamic Bank lost 2.6%. Egypt's blue-chip EGX30 index dropped 2.6% to 50,896, representing 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.
Diplomatic developments remained in focus as Iranian Foreign Minister Abbas Araqchi told Iranian media on Sunday that Tehran's offer to the United States to reopen the Strait of Hormuz within seven days was still on the table. According to Reuters, the strategic waterway is a key route for global energy shipments, making its status a major concern for oil markets. Egypt's presidency said the country was prepared to provide Saudi Arabia with the necessary support to protect its security and stability as Yemen's Iran-aligned Houthis have intensified their attacks on the world's largest oil exporter.
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. As reported by Reuters, investors across the Gulf region were assessing the potential impact of the widening Middle East conflict. The contrasting market movements highlighted how higher oil prices supported Saudi equities even as geopolitical uncertainty weighed on sentiment across other regional markets.
