Most major Gulf bourses track oil prices higher
Jan 19 (Reuters) – Most major Gulf stock markets rose in early trade on Wednesday, amid strong oil prices, with the Saudi index holding steady at its highest since July 2006.
Crude prices, a key factor for the Gulf’s financial markets, rose for a fourth day as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
The UAE late on Tuesday called for a meeting of the United Nations Security Council to condemn an attack on Abu Dhabi on Monday by Yemen’s Houthi movement, which has threatened further attacks. read more
By attacking the United Arab Emirates the Houthis sought to warn the Gulf state to stay out of a battle for prized energy regions in Yemen, where the Iran-aligned group has been angered by losses to forces backed by the powerful U.S. ally. read more
This article was originally published by Reuters.