Story thread · 3 reports / 2 sources

Gulf markets climb despite Iran impasse and Hormuz disruption

thenationalnews.com · 2hShare

Most Gulf stock markets advanced on Sunday, with Saudi Arabia leading gains despite a lack of progress in efforts to end the Iran conflict and continuing disruption to shipping in the Strait of Hormuz. Saudi Arabia’s Tadawul All Share Index rose 0.9 per cent to close at 10,920, supported by gains in some of the kingdom’s biggest-listed companies. Al Rajhi Bank, the country’s largest lender by market value, gained 1.5 per cent, while Saudi Aramco rose 1 per cent. The gains came as oil prices remained elevated, providing support for energy-exporting Gulf economies. Brent crude futures settled at $88.52 a barrel on Friday, up $1.45, or 1.67 per cent. Hormuz disruption Uncertainty over the outlook for crude remains high as the disruption to one of the world’s most important energy corridors continues. Traffic passing through the Strait of Hormuz fell sharply after the war broke out on February 28. The waterway is a critical route for oil and liquefied natural gas exports from Gulf producer

First report: Why the Gulf’s economy has defied early war predictions — thenationalnews.com, 1d