Gulf markets rose today, with oil prices exceeding $ 111 a barrel, due to fears of the repercussions of tough sanctions on Russia following its war on Ukraine.
Oil prices rose to a 7-year high due to mounting concerns in the wake of massive sanctions on Russian banks, while traders rushed to search for alternative oil sources in a market already suffering from a tight supply.
And trade sources said today, Wednesday, that Saudi Arabia may sharply raise crude oil prices to Asia in April, with differences between most crude grades reaching an all-time high.
At the same time, the OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is scheduled to meet today, as it is expected to adhere to plans to increase production by 400,000 barrels per day on a monthly basis.
The Saudi index rose 0.5 percent, and oil giant Aramco rose 1.8 percent.
The Abu Dhabi Stock Exchange index jumped 1.2 percent, the highest among the stock exchanges.
Abu Dhabi National Energy Company (TAQA) shares rose 2.5 percent following its board of directors proposed special cash dividends.
The Dubai Stock Exchange index rose slightly.
Shares of Dubai Islamic Bank rose 0.6 percent following shareholders approved annual cash dividends.
In Qatar, the stock market index rose 0.3 percent, supported by an increase in shares of industries and real estate companies.
Oil prices jumped during today’s trading significantly on the impact of the Russian-Ukrainian war.
Brent crude rose $7 to $111.97 a barrel, and US crude oil rose $7 to $110.77 a barrel.
These rapid developments came despite what US President Joe Biden announced, in his first state of the union address to Congress, on Wednesday, that the United States would put on the market 30 million barrels of oil from its strategic reserve, with the aim of allaying fears arising from the Russian war on Ukraine.
