Mideast Stocks: Most of Gulf rises as oil rallies but Saudi extends losses | ZAWYA MENA Edition

Mideast Stocks: Most of Gulf rises as oil rallies but Saudi extends losses | ZAWYA MENA Edition:

Most major Gulf markets rallied for the third straight session on Thursday as oil prices rose, and rekindled U.S-China trade talks also cheered investors mood, while Saudi extended losses on worsening regional geopolitical tensions.

Oil prices rose by more than 3% to above $63 a barrel after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington. 

Whereas China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets on hopes that an escalating trade war between the two countries would abate.