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Saudi Arabia's stock market edged higher, propelled by gains in Aramco shares, while Qatar's bourse declined following the announcement of a halt in liquefied natural gas production. Escalating Middle East tensions and precautionary energy facility shutdowns stoked inflation fears, dampening investor risk appetite.
The Qatari benchmark index fell 0.9%, weighed down by a 0.7% drop in Qatar National Bank, the Gulf's largest bank by assets. Qatar has also condemned attacks on its own soil and has reserved the right to respond.
Conversely, the Saudi index rose 0.5%, buoyed by Aramco's 2% climb to 26.7 riyals, capitalizing on a 4% surge in oil prices to $81 a barrel. The Kuwaiti market also saw a slight increase.
Heightened regional conflict, marked by Israeli strikes targeting Iran and Hezbollah, and Iranian missile and drone launches toward Israel, Gulf states, and a British airbase in Cyprus, have fueled concerns of a protracted conflict.
