A Guide to Mideast Markets in 2018 - Bloomberg:
"For as long as Gulf economies rely on oil, crude will be a factor in determining how investors trade regional markets. But right now, politics is king. In the past 12 months, tension between Saudi Arabia and Iran escalated, ties between Qatar and its neighbors were severed, rebels in Yemen fired rockets over Riyadh and Saudi Arabia started a crackdown on corruption that led to the arrest of high-profile businessmen and royals, including Prince Alwaleed bin Talal. Rising geopolitical risks has impacted the way Middle Eastern investors react to oil prices, making shares in the six-nation Gulf Cooperation Council the most negatively correlated with crude since 2014, according to a Bloomberg index of the region’s major indexes. The stock gauge fell about 3 percent so far this year even after crude prices recovered to the highest level since 2015."
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