Gulf Stock Markets Rally on Oil Price Surge Amid Iran Sanctions Fears

The Gulf region's stock markets rose on Sunday as oil prices surged following US President Donald Trump's threat of economic sanctions against Iran's trading partners.

The price of crude settled at $94.39 a barrel on Friday, and the increased expectations of tighter crude supplies boosted investor confidence in the energy sector.

In Saudi Arabia, the Tadawul All Share Index gained 1.1% to 11,079, with financial shares leading the advances. Al Rajhi Bank rose 2.1%, while Saudi Arabian Mining gained 4%. National Shipping Company of Saudi Arabia surged 9.5% to 37.30 riyals per share, its highest closing level in two decades.

In Egypt, the EGX 70 Index edged up 0.1% to 9,688, driven by gains in communications, financial, energy, and materials stocks. Qatar National Bank, the region's largest lender, climbed 1.6%, while Qatar Gas Transport added 1.5%. The Commercial International Bank rose 1.3%, and Telecom Egypt gained 3.1% after it was included in the FTSE Emerging Markets Index following the index provider's semi-annual review for September.