Gulf markets gain as oil rises

Oil prices have risen, with Brent crude stabilizing at $94.39 per barrel and West Texas Intermediate increasing to $87.06. This comes amid US threats to impose sanctions on Iran’s trading partners. As a result, Gulf stock markets have rallied, especially Saudi Arabia, which increased by 1.1%, while the Bahri stock soared to its highest level in two decades. Concerns over reduced oil supplies due to US sanctions on Iran and limited transit through the Strait of Hormuz have heightened expectations of higher prices, despite Iranian exports being now heavily restricted.

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