Gulf bourses gained on Tuesday, with Dubai and Qatar's main indexes rising more than 1% each, as oil prices jumped on increasing supply woes after Libya was forced to halt exports.
Libya's National Oil Corp warned on Monday it could not deliver oil from its biggest oil field, and it shut another field as forces in the east expanded their blockade of the sector over a political standoff. read more
Crude prices rose, aided by factories preparing to reopen in Shanghai, but gains were capped with the dollar at a two-year high.
Meanwhile, caution prevailed in Asia, with China's economic slowdown from COVID-19 lockdowns and the prospect of aggressive Federal Reserve monetary policy tightening keeping markets on edge.
Dubai's main share index (.DFMGI) jumped 1%, with index heavyweight Emaar Properties (EMAR.DU) leading the gains.
Shares of Dubai Electricity and Water Authority (DEWAA.DU) were down 0.3%, after a 20% surge on debut last week. The stock has lost 4% in its first week on the stock exchange.
The Qatari index (.QSI) advanced 1%, after three sessions of losses.
Financials led the gains. Qatar Islamic Bank (QISB.QA) was 3% higher, while Qatar International Islamic Bank (QIIB.QA) rose 2.1%.
Saudi Arabia's benchmark index (.TASI) added 0.2%, with state-run oil giant Saudi Aramco (2222.SE) trading flat.
Investment firm Kingdom Holding Company (4280.SE) jumped 5% a day after the company posted higher quarterly profit.
Shares of Sulaiman Alhabib (4013.SE) edged marginally lower as the company began trading ex-dividend.
Sentiment was muted in Abu Dhabi, with the main share index (.FTFADGI) trading marginally higher.
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