Most Gulf Stock Exchanges Rise with Stable Oil Prices

Most stock markets in the Gulf abandoned their early losses to close higher on Tuesday, bolstered by stable oil prices. However, the gains were limited following cautious statements from Federal Reserve officials. Oil prices, which are a key driver for the economies of the Gulf region, stabilized as investors assessed the potential impact of disruptions to trade movement in the Red Sea after attacks by the Iran-aligned Houthi movement in Yemen. The United States announced on Tuesday a multinational operation to protect trade in the Red Sea, involving countries such as Britain, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles, and Spain. The Saudi index rose 0.3 percent, supported by a 1.6 percent increase in shares of Lumi Car Rental.