Gulf region stock markets rose on Sunday as oil prices rallied amid continued regional tensions fueled by Israeli occupation of Palestine.
Oil prices, a key driver of financial markets in the Gulf, rose 1.51% on Friday, with Brent crude at $78.76 a barrel.
In this context, senior US and European diplomats discussed on Sunday ways to prevent the Gaza war from escalating in the Middle East, but the current bloody conflict shows the difficulties these efforts face three months after the start of the conflict, according to a Reuters report. .
Saudi Arabia's benchmark index rose for a second session in a row, up 1.2% across all sectors.
Shares of Alinma Bank also rose 4.9%, the biggest increase in more than two months, and shares of Al Rajhi Bank, the world's largest Islamic bank, rose 1.5%.
Among the gainers were oil giant Saudi Aramco and Arab Pipeline Co, up 0.6% and 5.4% respectively.
Qatar's index rose 0.1%, supported by gains in the financials, communications and energy sectors. Shares of Qatar National Bank, the region's biggest bank, rose 1.4%, Qatar Navigation Company shares rose 2.6%, Bahrain index 0.3%, Omani index 0.4% and Kuwait index 1.1%.
Oil prices rose in Friday's session, and Brent crude posted a 2.2% gain as US Secretary of State Anthony Blinken embarked on a week-long tour of the Middle East in an effort to defuse regional tensions fueled by the Israeli occupation of Gaza. First week of 2024.
Brent crude futures rose $1.17, or 1.51%, to settle at $78.76 a barrel, and US crude futures rose $1.62, or 2.24%, to $73.81 a barrel, for a weekly gain of 3%.
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