Major Gulf markets rebound amid Iran-Israel conflict
Saudi Arabia's benchmark index (.TASI), opens new tab gained 1.2%, led by a 1.9% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.2% increase in Saudi Arabian Mining Company (1211.SE), opens new tab. The index had fallen 1% on Sunday.
Oil prices - a catalyst for the Gulf's financial markets -were volatile, after surging 7% on Friday, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.
The Qatari index (.QSI), opens new tab advanced 1.7% - a day after falling more than 3% - buoyed by a 2.4% leap in Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 1.5% gain in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn on Monday, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict.
Israel said it had targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response.
Dubai's main share index (.DFMGI), opens new tab added 0.8%, with Parkin Company (PARKIN.DU), opens new tab - which oversees public parking operations - rising 2.3% and toll operator Salik (SALIK.DU), opens new tab was up 0.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher.
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Reuters
2 hours ago
- Reuters
Oil edges down ahead of Trump-Putin summit in Alaska
LONDON, Aug 15 (Reuters) - Oil prices eased on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine. Brent crude futures were down 29 cents, or 0.4%, at $66.55 a barrel by 1230 GMT. U.S. West Texas Intermediate crude futures were 35 cents, or 0.6%, lower at $63.61. At Friday's meeting between Trump and Putin in Alaska, a ceasefire in Ukraine is at the top of the agenda. Trump has said he believes Russia is prepared to end the war, but he has also threatened to impose secondary sanctions on countries that buy Moscow's oil if there is no progress with peace talks. "The market is watching out for whether there is a ceasefire or not. An expectation of a ceasefire translates into more Russian production," said UBS commodities analyst Giovanni Staunovo. "The question is will there be escalation or de-escalation?" For the week, WTI is set to drop 0.7% while Brent is on track for a 0.4% gain. Weaker economic data from China, meanwhile, raised concerns over fuel demand. Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user. Throughput at Chinese refineries rose 8.9% year on year in July, but that was down from June levels, which were the highest since September 2023. Despite the increase, China's oil product exports last month were also up from a year ago, suggesting lower domestic fuel demand. Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer U.S. interest rates. Bank of America analysts said on Thursday that they were widening their forecast for the oil market surplus, citing growing supplies from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies. The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026. That forecast follows this week's International Energy Agency predictions saying the oil market looks "bloated" after the latest increases to OPEC+ output.
Reuters
5 hours ago
- Reuters
Oil falls ahead of Trump-Putin summit in Alaska
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Reuters
8 hours ago
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Germany tells Israeli government to stop West Bank settlement construction
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