Most Gulf markets rose today despite the lack of progress in talks to end the war with Iran and the failure to fully resume oil tanker traffic through the Strait of Hormuz.
Iran on Saturday urged the United States to admit defeat, while US President Donald Trump vowed to escalate economic pressure on Iran and warned Americans that fuel prices would continue to rise as a result of the war.
The Saudi market's benchmark index rose 0.9%, driven by a 1.5% increase in Al Rajhi Bank shares and a 1% rise in Saudi Aramco shares.
On Friday, Brent crude futures rose $1.45, or 1.67%, to settle at $88.52 a barrel.
Shares of Tihama Advertising, Public Relations and Marketing Company jumped 7.3% after its board of directors terminated the contract of CEO Hussein Masoud Al-Dossari. The company appointed Shaker Ahmed Saleh Al-Saleh as the new CEO.
In Qatar, the index rose 0.2%, supported by a 1.5% increase in shares of Qatar National Bank.
The Omani index rose 0.3%, while the Bahraini index fell 0.1%. The Kuwaiti index remained stable.
Outside the Gulf region, the Egyptian stock market index rose 1.1%, with shares of Telecom Egypt increasing 3.6%, continuing its gains from the previous session following a sharp rise in its quarterly profits.
