Major Gulf stock markets fell on Sunday on weaker oil prices and profit-taking, with ‍sentiment further pressured by ‍concerns over a global supply glut and escalating tension between the ​U.S. and Venezuela following the seizure of a tanker.

Oil prices – a key driver for Gulf ⁠financial markets – settled lower on Friday, posting a 4% weekly decline as oversupply and hopes for ⁠a potential ‌Russia-Ukraine peace deal outweighed worries over any impact from the U.S. seizure of an oil tanker off Venezuela's coast.

Saudi Arabia's benchmark index fell for ⁠a second straight session, losing 1.2%, with all sectors in negative territory, led by industry, finance and communications.

Al Rajhi Bank, the world's largest Islamic lender, dropped 1.3%, while Saudi Basic Industries Corp retreated 1.2%.

Separately, Oman's state energy group OQ is ⁠in talks with new potential partners ​for its planned petrochemical complex in Duqm after SABIC withdrew, Chief Executive Ashraf Al Mamari said.

"The market is ‍under pressure from a combination of weaker oil expectations and liquidity dynamics," Joseph Dahrieh, managing principal at brokerage ​firm Tickmill, said in a note.

"Lower oil feeds directly into fiscal repricing. Saudi Arabia's FY2026 budget projects a deficit of roughly 165 billion riyals, and investors have become more sensitive to any signs of prioritisation or pacing in Vision 2030 spending," he added.

The Qatari benchmark index snapped four consecutive sessions of gains to end 0.4% lower, with all its constituents in the red. Qatar National Bank, the region's largest lender, slipped 0.8%, and Industries Qatar fell 0.8%.

Outside the Gulf, Egypt’s blue-chip index edged up 0.1%, ⁠helped by a 15.3% advance in Raya Holding ‌and a 2.1% rise in Telecom Egypt.

The telecoms operator forecast on Wednesday high-single-digit revenue growth and an EBITDA margin in the low 40s in its 2026 guidance.

SAUDI ‌ARABIA dropped 1.2% ⁠to 10,589 KUWAIT up 0.1% to 9,715 QATAR fell 0.4% to 10,855 EGYPT up 0.1% to 42,065 BAHRAIN fell 0.1% to 2,056 OMAN up ⁠0.1% to 5,956 (Reporting by Md Manzer Hussain; Editing by Emelia Sithole-Matarise)