Most stock markets in the Gulf ‍ended higher on Monday, ‍helped by rising oil prices and positive market ​sentiment amid growing expectations of additional Federal Reserve rate cuts.

Oil prices - ⁠a catalyst for the Gulf's financial markets - rose after the U.S. intercepted ⁠an oil ‌tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, ⁠both of which raised fears of supply disruptions.

Saudi Arabia's benchmark index gained 0.7%, led by a 1.6% rise in Al Rajhi Bank . Saudi Arabian Mining Company (Ma'aden) jumped 5.3% after it ⁠secured Ministry of Energy's ​approval last week for feedstock allocation to launch its fourth phosphate project. Dubai's main ‍share index closed 0.7% higher, with top lender Emirates NBD adding support.

In ​Abu Dhabi, the index advanced 0.7%. Markets are currently pricing in two U.S. rate cuts for next year despite the Fed signalling caution. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. The Qatari index was up 0.8%, supported by a 1.5% gain in the Gulf's biggest lender Qatar National Bank .

Outside the ⁠Gulf, Egypt's blue-chip index dropped 0.6%, hit ‌by a 2.4% fall in Commercial International Bank .

  • Saudi climbed 0.7% to Arabia 10,552
  • Abu Dhabi gained 0.7% 10,036
  • Dubai rose 0.7% to 6,158
  • Qatar added 0.8% to 10,801
  • Egypt lost 0.6% to 41,103
  • Bahrain eased ‌0.2% ⁠to 2,062
  • Oman fell 0.2% to 5,944
  • Kuwait was up 0.1% to 9,568

(Reporting by Ateeq Shariff in ⁠Bengaluru; Editing by Harikrishnan Nair and Tasim Zahid)