Gulf stocks rise on easing tensions
The Gulf stock markets saw a significant rise following statements by U.S. President Donald Trump, in which he indicated that a military strike on Iran is unlikely if a quick agreement is reached regarding its nuclear program and the reopening of the Strait of Hormuz. This contributed to reducing geopolitical tensions. The Saudi index increased by 1.1%, supported by gains in Al Rajhi Bank and Saudi Aramco, which rose by 0.4% after global propane prices increased. The Qatari market also experienced an increase of 1.3% due to the resumption of natural gas shipments through the Strait of Hormuz. Meanwhile, the Kuwait and Oman indices rose by 0.5% and 0.3%, respectively, and Bahrain's index saw a slight decline. These gains are attributed to improved sentiment amid declining geopolitical concerns and continued positive corporate results.
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