Mideast Stocks: Saudi index extends gains as Iran approves pause on Gulf attacks
08/03/2026 08:37
Updates with latest prices By Md Manzer Hussain March 8 (Reuters) - Most Gulf stock markets rose in early trade on Sunday, with the Saudi index extending gains to a fifth session, after Iran's temporary leadership council agreed to suspend attacks on nearby nations - unless strikes on Iran originated from their territory. Saudi Arabia has told Tehran that while it favours a diplomatic settlement to Iran's conflict with the U.S., continued attacks on the kingdom and its energy sector could push Riyadh to respond in kind, sources told Reuters. Saudi Arabia's benchmark index .TASI climbed 2%, with all of its constituents posting gains, led by energy and materials stocks. Oil prices surged on Friday with Brent trading over $90 per barrel for the first time since April 2024 as the disruptions to global oil supplies continued because of the expanding U.S.-Israeli war with Iran. Saudi Aramco 2222.SE advanced 4% and Yanbu National Petrochemical 2290.SE surged 10%. The Qatari benchmark .QSI rose 0.1%, with Mesaieed Petrochemical Holding MPHC.QA gaining 5.3% and telecommunications company Ooredoo ORDS.QA adding 2.1%. In Muscat, the share index .MSX30 was up 1.4% and Bahrain's index .BAX edged up 0.2%. Kuwait's index .BKP eased 0.5%, with most stocks in negative territory. Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar as the U.S.-Iran war blocked shipments from the Middle East for the eighth consecutive day. (Reporting by Md Manzer Hussain in Bengaluru; Editing by Bernadette Baum and Helen Popper) ((mdmanzer.hussain@thomsonreuters.com))