LONDON: Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding.
US President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2 percent, with most sectors in the green. Oil major Saudi Aramco added 0.3 percent and Red Sea International climbed 3 percent.
Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market.
Oil prices, a catalyst for the Gulf’s financial markets, were up 0.2 percent as a larger-than-expected draw in US crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 10:05 a.m. Saudi time.
