Oil Price Surge Drives Gulf Markets Higher Amid Iran Sanctions Fears

Gulf markets saw gains on Sunday as oil prices surged due to concerns over US sanctions against Iran, potentially tightening crude supplies. The Brent crude price settled at $94.39 a barrel on Friday.

Saudi Arabia's benchmark index rose 1.1% to 11,079, driven by advances in materials and financial shares. Al Rajhi Bank gained 2.1%, while Saudi Arabian Mining surged 4%. National Shipping Company of Saudi Arabia climbed 9.5% to its highest closing level in two decades.

In Qatar, the benchmark index edged up 0.1% to 9,688, supported by gains in communications, financial, energy, and materials stocks. Qatar National Bank rose 1.6%, while Qatar Gas Transport added 1.5%. Egypt's blue-chip index extended its gains for a second consecutive session, closing 1.1% higher at 55,350 as most shares advanced.