Gulf stock markets started Tuesday with cautious moves, reflecting the soft pulse of oil prices and investor eyes on upcoming U.S. economic data for hints on the Federal Reserve’s next steps.
Oil hovered in a narrow range, with Brent crude futures up just 7 cents to $63.24 a barrel, as traders balanced risks from Ukrainian drone strikes on Russian energy facilities, tensions between the U.S. and Venezuela, and mixed forecasts for U.S. fuel inventories. Despite recent gains, crude remains near multi-month lows, continuing to squeeze the budgets of oil-reliant Gulf nations.
Saudi Arabia’s benchmark index eked out a 0.1% rise in a jittery session, led by a 3.1% jump in ACWA Power shares. Qatar’s index slipped 0.4%, weighed down by a 1% decline in Qatar National Bank. Dubai and Abu Dhabi exchanges stayed closed for a public holiday.
The Gulf remains on edge, balancing fragile oil revenues with global economic uncertainty, as traders await signals from the world’s largest central bank.
