Gulf equity markets ended Thursday in mixed territory as investors weighed stronger oil prices against uncertainty surrounding US-Iran peace efforts and the continuing regional conflict. The split performance showed that higher crude alone was not enough to produce a uniform risk-on session.
Brent crude traded at $94.60 a barrel by 1232 GMT, up 3.1%. Brent and West Texas Intermediate both reached their highest levels since July 24 and advanced for a fifth consecutive session, giving support to economies and listed companies closely linked to hydrocarbon revenue.
Saudi Arabia's benchmark rose 0.3%, with every sector advancing. Saudi Arabian Mining gained 2%, while National Shipping Company of Saudi Arabia climbed 3.2%, illustrating how materials and transport shares participated in the broader gain.
Abu Dhabi added 0.7% as most sectors finished higher. International Holding Company rose 1.9% and Aldar Properties gained 0.4%. Dubai, by contrast, closed marginally lower after advances in materials, finance and real estate were offset elsewhere; Salik fell 1.1% and Dubai Islamic Bank rose 0.9%.
Qatar declined 0.9% for a fourth straight losing session and closed at 9,683 points, its lowest level in more than two years. Qatar Islamic Bank lost 1.9% and Industries Qatar fell 1.4%, leaving the market as the weakest major Gulf performer of the day.
Geopolitical risk remained central. Washington warned of economic consequences for countries providing support to Iran, while shipping volumes through the Strait of Hormuz were unchanged from the previous day, indicating that disruption at the critical energy corridor had not materially eased.
The United Arab Emirates had also suspended trade, commercial exchanges and financial transactions with Iran. Abu Dhabi said two missiles launched from Iranian territory had fallen into the sea; Tehran rejected that allegation, so the competing claims should not be treated as independently resolved facts.
Outside the Gulf, Egypt's EGX30 gained 0.4% and ended a three-session decline. E-Finance rose 1.3% and Commercial International Bank added 0.7% after receiving preliminary central-bank approval to establish Yomo Digital Bank with a $300 million investment, a separate domestic catalyst from the oil-driven regional backdrop.
