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Most Gulf equities ended higher yesterday.
Qatar’s benchmark index advanced 0.9 per cent, with Qatar National Bank, the region’s largest lender, jumping 3pc. Saudi Arabia’s benchmark index gave up early gains to finish 0.1pc lower, with oil giant Saudi Aramco losing 1.1pc.
Brent crude futures fell $4.47, or 5.1pc, to $82.86 a barrel by 1234 GMT. The closure of the Strait for more than three months cut off millions of barrels of oil and gas supply from global markets.
The waterway is a key chokepoint, carrying about a fifth of the world’s oil and liquefied natural gas supplies. Outside the Gulf, Egypt’s blue-chip index gained 0.6pc.
The European Commission and the European Investment Bank are set to approve a $801m funding plan to help Egypt upgrade its electricity grid, the Commission said yesterday.
UAE bourses were closed for a public holiday.
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