Mideast Stocks: Gulf markets rise as oil gains lift sentiment

Telecom Egypt SAE

23/08/2026 14:05

By Md Manzer Hussain
BENGALURU, Aug 23 (Reuters) - Most Gulf stock markets closed higher on Sunday, supported by rising oil prices after U.S. President Donald Trump threatened economic sanctions against Iran's trading partners, fuelling expectations of tighter crude supplies in the coming weeks.
Oil prices, a key catalyst for Gulf equities, rose on Friday, with Brent crude settling at $94.39 a barrel.
The United States and Iran exchanged defiant messages ahead of Monday's planned announcement of new U.S. economic sanctions, which could affect the Islamic Republic and major trading partners including China.
Saudi Arabia's benchmark index .TASI gained 1.1%, with materials and financial shares leading the advances.
Al Rajhi Bank 1120.SE rose 2.1%, while Saudi Arabian Mining 1211.SE gained 4%. National Shipping Company of Saudi Arabia 4030.SE surged 9.5% to 37.30 riyals per share, its highest closing level in two decades.
Saudi crude exports rose to 3.993 million barrels per day in June from a record low of 3.434 million bpd in May, numbers  from the Joint Organizations Data Initiative showed on Thursday.
Saudi Aramco resumed oil loading from inside the Strait of Hormuz last week and has more tankers waiting to load as the state energy giant offers spot heavy crude cargoes.
Qatar's benchmark index .QSI edged up 0.1%, helped by gains in communications, financial, energy and materials stocks. Qatar National Bank QNBK.QA, the region's largest lender, climbed 1.6%, while Qatar Gas Transport QGTS.QA added 1.5%.
Outside the Gulf, Egypt's blue-chip index .EGX30 extended gains for a second consecutive session, closing 1.1% higher as most shares advanced.
Commercial International Bank COMI.CA rose 1.3%, while Telecom Egypt ETEL.CA gained 3.1%. The state-controlled telecoms operator said it would be included in the FTSE Emerging Markets Index following the index provider's semi-annual review for September.
Separately, Egypt's central bank left its overnight interest rates unchanged on Thursday.
     
SAUDI ARABIA
.TASI up 1.1% to 11,079
QATAR
.QSI up 0.1% to 9,688
KUWAIT
.BKP rose 0.8% to 9,309
BAHRAIN
.BAX ended flat at  1,944
OMAN
.MSX30 fell 0.2% to 7,509
EGYPT
.EGX30 rose 1.1% to 55,350
     

 (Reporting by Md Manzer Hussain in Bengaluru;
Editing by Tomasz Janowski)
 ((mdmanzer.hussain@thomsonreuters.com; +91 8067498453))