Higher oil prices boost Gulf markets, Aramco hits record high

Saudi Arabia’s benchmark share index ended 0.8% higher, with gains driven by Saudi Aramco which rose to a record high of 45 riyals and ended the session up nearly 3%. In the context of the war in Ukraine, “sanctions are pushing oil importers to look elsewhere for supplies at a time when the market is already struggling with rising demand and the sluggish supply policy laid out by OPEC,” said Daniel Takieddine, CEO MENA at BDSwiss. Abu Dhabi, Dubai and Qatar have seen their index rise too.