Oil surges as U.S. bans Russian crude, Britain launches phase out | Reuters
Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year end, decisions that are expected to further disrupt the global energy market as Russia is the second-largest exporter of crude.
Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. The sanctions had already upended Russian oil and gas exports even before the ban, as traders sought to avoid running afoul of future sanctions.
U.S. President Joe Biden announced a ban on Russian oil and other energy imports. Britain said it will phase out the import of Russian oil and oil products by the end of 2022, giving the market and businesses time to find alternatives. read more
Brent crude futures settled at $127.98 a barrel, 3.9% higher, while U.S. crude futures settled at $123.70 a barrel, a 3.60% increase.
Tuesday, 8 March 2022
Aramco CEO says Ukraine invasion has accelerated global energy crisis | Reuters
Aramco CEO says Ukraine invasion has accelerated global energy crisis | Reuters
Saudi Aramco CEO Amin Nasser said the "tragic situation unfolding in Ukraine" is making the global energy crisis worse, according to prepared remarks delivered at an industry conference Tuesday.
Nasser, speaking at the CERAWeek energy in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid the energy transition.
"As oil and gas investments are discouraged," demands are being placed on our industry to increase production," he said, according to the remarks.
Production capacity available to ease oil supply shortages is limited, he said, estimating there are about 2 million barrels, or 2% of world demand, of what he described as "effective spare capacity."
Saudi Aramco CEO Amin Nasser said the "tragic situation unfolding in Ukraine" is making the global energy crisis worse, according to prepared remarks delivered at an industry conference Tuesday.
Nasser, speaking at the CERAWeek energy in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid the energy transition.
"As oil and gas investments are discouraged," demands are being placed on our industry to increase production," he said, according to the remarks.
Production capacity available to ease oil supply shortages is limited, he said, estimating there are about 2 million barrels, or 2% of world demand, of what he described as "effective spare capacity."
Oil gains on expectations of U.S. and British ban on Russian crude | Reuters
Oil gains on expectations of U.S. and British ban on Russian crude | Reuters
Oil prices rose on Tuesday, with Brent surging past $132 a barrel on expectations that the United States and Britain will announce a formal ban on Russian oil imports, stoking supply concerns.
Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82.
Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine. read more
The White House said U.S. President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies. read more
Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials. read more
Oil prices rose on Tuesday, with Brent surging past $132 a barrel on expectations that the United States and Britain will announce a formal ban on Russian oil imports, stoking supply concerns.
Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82.
Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine. read more
The White House said U.S. President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies. read more
Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials. read more
Aggregate net income of #UAE’s top lenders surges 48.6% to $10bln
Aggregate net income of UAE’s top lenders surges 48.6% to $10bln
The profitability of the UAE’s banking sector recovered significantly in 2021, as the local economy continued to recover from the COVID-19 pandemic, according to a new analysis.
Full-year aggregate net income of major lenders in the country rose 48.6 percent to 37.8 billion dirhams ($10.8bln) in 2021, supported by higher operating income and lower impairments, professional services firm Alvarez & Marsal (A&M) said in its latest UAE Banking Pulse.
The report is based on data from ten of the largest listed banks in the UAE, which include First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank (Mashreq), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), National Bank of Ras Al Khaimah (RAK) and Sharjah Islamic Bank (SIB).
Total operating income of reviewed banks grew 5.2 percent on the back of higher fee and commission income, up 9 percent year-on-year, as well as higher income from investments and gains from foreign exchange, up 43.7 percent.
The profitability of the UAE’s banking sector recovered significantly in 2021, as the local economy continued to recover from the COVID-19 pandemic, according to a new analysis.
Full-year aggregate net income of major lenders in the country rose 48.6 percent to 37.8 billion dirhams ($10.8bln) in 2021, supported by higher operating income and lower impairments, professional services firm Alvarez & Marsal (A&M) said in its latest UAE Banking Pulse.
The report is based on data from ten of the largest listed banks in the UAE, which include First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank (Mashreq), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), National Bank of Ras Al Khaimah (RAK) and Sharjah Islamic Bank (SIB).
Total operating income of reviewed banks grew 5.2 percent on the back of higher fee and commission income, up 9 percent year-on-year, as well as higher income from investments and gains from foreign exchange, up 43.7 percent.
Emirates NBD: #Dubai’s Biggest Bank to Boost Number of Women in Senior Roles - Bloomberg
Emirates NBD: Dubai’s Biggest Bank to Boost Number of Women in Senior Roles - Bloomberg
Emirates NBD plans to fill a quarter of all senior positions with women over the next five years as Dubai’s biggest bank joins a global push for greater gender diversity.
Females represent 41% of the lender’s workforce, and “while this exceeds industry standards, we must now increase female representation at senior levels,” Managing Director Hesham Abdulla Al Qassim said in a statement.
The United Arab Emirates, of which Dubai is a part, of late has been pushing for gender diversity in top leadership positions and board rooms. The Gulf nation now requires listed companies to have at least one woman on their boards. First Abu Dhabi Bank, the country’s biggest lender, appointed a female as its chief executive officer last year.
Emirates NBD has one woman on its board after the lender’s shareholders last month approved a list of nine candidates. Females on the bank’s top executive team include chief human resources officer Eman Abdulrazzaq and head of research Khatija Haque.
Emirates NBD plans to fill a quarter of all senior positions with women over the next five years as Dubai’s biggest bank joins a global push for greater gender diversity.
Females represent 41% of the lender’s workforce, and “while this exceeds industry standards, we must now increase female representation at senior levels,” Managing Director Hesham Abdulla Al Qassim said in a statement.
The United Arab Emirates, of which Dubai is a part, of late has been pushing for gender diversity in top leadership positions and board rooms. The Gulf nation now requires listed companies to have at least one woman on their boards. First Abu Dhabi Bank, the country’s biggest lender, appointed a female as its chief executive officer last year.
Emirates NBD has one woman on its board after the lender’s shareholders last month approved a list of nine candidates. Females on the bank’s top executive team include chief human resources officer Eman Abdulrazzaq and head of research Khatija Haque.
#UAE regulator works on financial crime regulation for virtual assets | Reuters
UAE regulator works on financial crime regulation for virtual assets | Reuters
The United Arab Emirates' Securities and Commodities Authority (SCA) on Tuesday said it was closer to issuing virtual asset investment regulation, and had finished a consultation on money laundering and terrorist financing risks in the sector.
The UAE, the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up. It has also in recent years tightened regulations to overcome an image as a hotspot for illicit money.
The SCA's statement on the anti-money laundering and terrorist financing risk framework comes after global financial crime watchdog the Financial Action Task Force (FATF) on Friday included the UAE on a list of jurisdictions subject to increased monitoring, known as its "grey" list. read more .
The SCA completed consultations with authorities in the UAE to ensure the virtual assets sector adheres to FATF recommendations and requirements, it said.
The SCA oversees virtual asset activities and services issued for investment purposes on the UAE mainland. Financial freezones Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) issue their own regulations. read more
The United Arab Emirates' Securities and Commodities Authority (SCA) on Tuesday said it was closer to issuing virtual asset investment regulation, and had finished a consultation on money laundering and terrorist financing risks in the sector.
The UAE, the region's financial capital, has been pushing to develop virtual asset regulation to attract new forms of business as regional economic competition heats up. It has also in recent years tightened regulations to overcome an image as a hotspot for illicit money.
The SCA's statement on the anti-money laundering and terrorist financing risk framework comes after global financial crime watchdog the Financial Action Task Force (FATF) on Friday included the UAE on a list of jurisdictions subject to increased monitoring, known as its "grey" list. read more .
The SCA completed consultations with authorities in the UAE to ensure the virtual assets sector adheres to FATF recommendations and requirements, it said.
The SCA oversees virtual asset activities and services issued for investment purposes on the UAE mainland. Financial freezones Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) issue their own regulations. read more
Gulf markets end mixed, Egypt down nearly 3% | Reuters
Gulf markets end mixed, Egypt down nearly 3% | Reuters
Major Gulf bourses ended mixed on Tuesday, with Egypt's index down nearly 3%, amid global concerns over soaring inflation and slowing economic growth.
President Joe Biden's administration is willing to move ahead with a U.S. ban on Russian oil imports even if European allies do not, U.S. sources indicated, while Russia warned that prices could surge to $300 a barrel and it might close the main gas pipeline to Germany if the West halts oil imports over the invasion of Ukraine. read more
World stocks held at a one-year low, gold climbed above the key $2,000 level, and Brent surged past $127 a barrel.
"The Egyptian stock market fell as investors expect the rise in commodities prices to be detrimental to the country’s development and could slow down economic activity," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Egypt's blue-chip index (.EGX30) dropped the most, with its 2.9% fall.
Emaar Misr for Development (EMFD.CA) closed up 3.8% after the company posted higher consolidated annual profit.
Dubai's main stock index (.DFMGI) lost as much as 1%, before recouping some of the losses to trade down 0.2%\.
Investors returned to the market to buy the dip in Dubai, Makarem added.
Abu Dhabi's index (.FTFADGI) rose 0.6%, after ending the past two sessions in the red.
S&P Global Ratings said on Monday the UAE's inclusion in FATF's gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.
Saudi Arabia's benchmark share index (.TASI) ended up 0.3%, having dropped as much as 0.7% in the session.
Oil giant Saudi Aramco (2222.SE) fell 0.6%, after hitting a record high of 46 riyals in the previous session.
Shares of Acwa Power (2082.SE) rose 3.3% after the company signed a power purchase agreement for a solar plant in Al Qassim province.
The Qatari index (.QSI) gained 0.7%.
Major Gulf bourses ended mixed on Tuesday, with Egypt's index down nearly 3%, amid global concerns over soaring inflation and slowing economic growth.
President Joe Biden's administration is willing to move ahead with a U.S. ban on Russian oil imports even if European allies do not, U.S. sources indicated, while Russia warned that prices could surge to $300 a barrel and it might close the main gas pipeline to Germany if the West halts oil imports over the invasion of Ukraine. read more
World stocks held at a one-year low, gold climbed above the key $2,000 level, and Brent surged past $127 a barrel.
"The Egyptian stock market fell as investors expect the rise in commodities prices to be detrimental to the country’s development and could slow down economic activity," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Egypt's blue-chip index (.EGX30) dropped the most, with its 2.9% fall.
Emaar Misr for Development (EMFD.CA) closed up 3.8% after the company posted higher consolidated annual profit.
Dubai's main stock index (.DFMGI) lost as much as 1%, before recouping some of the losses to trade down 0.2%\.
Investors returned to the market to buy the dip in Dubai, Makarem added.
Abu Dhabi's index (.FTFADGI) rose 0.6%, after ending the past two sessions in the red.
S&P Global Ratings said on Monday the UAE's inclusion in FATF's gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.
Saudi Arabia's benchmark share index (.TASI) ended up 0.3%, having dropped as much as 0.7% in the session.
Oil giant Saudi Aramco (2222.SE) fell 0.6%, after hitting a record high of 46 riyals in the previous session.
Shares of Acwa Power (2082.SE) rose 3.3% after the company signed a power purchase agreement for a solar plant in Al Qassim province.
The Qatari index (.QSI) gained 0.7%.
#AbuDhabi’s Agthia Group posts 145% rise in 2021 net profit
Abu Dhabi’s Agthia Group posts 145% rise in 2021 net profit
Abu Dhabi food and beverages company Agthia Group reported on Tuesday a full-year 2021 net profit gain of 145 percent.
Group net profit attributable to shareholders reached 216 million dirhams ($58.8 million), compared to 34 million dirhams in 2020, when the company recorded 83 million dirhams of one-offs. Net revenues stood at 3.07 billion dirhams, representing a 49 percent year-on-year growth.
Total group assets reached 6.4 billion dirhams, driven by consolidating the assets of Al Foah, Al Faysal Bakery, Nabil Foods, Atyab and BMB Group, the company told the Abu Dhabi Securities Exchange (ADX), where its shares trade.
The company’s board of directors recommended an 8.25 percent cash dividend for the second half of the year, equivalent to 8.25 fils per share. If approved, total dividends for the full-year 2021 will amount to 130.6 million dirhams, up from 118.8 million in 2020.
Abu Dhabi food and beverages company Agthia Group reported on Tuesday a full-year 2021 net profit gain of 145 percent.
Group net profit attributable to shareholders reached 216 million dirhams ($58.8 million), compared to 34 million dirhams in 2020, when the company recorded 83 million dirhams of one-offs. Net revenues stood at 3.07 billion dirhams, representing a 49 percent year-on-year growth.
Total group assets reached 6.4 billion dirhams, driven by consolidating the assets of Al Foah, Al Faysal Bakery, Nabil Foods, Atyab and BMB Group, the company told the Abu Dhabi Securities Exchange (ADX), where its shares trade.
The company’s board of directors recommended an 8.25 percent cash dividend for the second half of the year, equivalent to 8.25 fils per share. If approved, total dividends for the full-year 2021 will amount to 130.6 million dirhams, up from 118.8 million in 2020.
#Saudi Al-Dawaa collects $510mln from its IPO
Saudi Al-Dawaa collects $510mln from its IPO
Saudi pharmacy chain operator, Al-Dawaa Medical Services Co., collected SR1.9 billion from its initial public offering.
The offer price has been set at SR73 ($20), according to a bourse statement, after it completed the IPO process.
The company offered 25,500,000 shares, representing 30 percent of the company’s capital. 90 percent of the shares were allocated to participating parties, while 10 percent was given to individual investors.
Saudi pharmacy chain operator, Al-Dawaa Medical Services Co., collected SR1.9 billion from its initial public offering.
The offer price has been set at SR73 ($20), according to a bourse statement, after it completed the IPO process.
The company offered 25,500,000 shares, representing 30 percent of the company’s capital. 90 percent of the shares were allocated to participating parties, while 10 percent was given to individual investors.
#SaudiArabia Prince’s $500 Billion ‘Neom’ Megaproject Woos Wall Street - Bloomberg
Saudi Arabia Prince’s $500 Billion ‘Neom’ Megaproject Woos Wall Street - Bloomberg
Executives from the Saudi crown prince’s “Neom” megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub from scratch.
Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are scheduled to attend the event in early April, according to people familiar with the matter. Invitations were sent to private equity firms, bankers and construction suppliers for the gathering, which aims to gauge interest in the project, one of the people said. It’s potentially one of a series of events in multiple American cities, and follows a similar event in London last year, another person said.
Neom didn’t immediately respond to a request for comment.
Announced in 2017, Neom is the crown jewel of Crown Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plans to turn the remote region on the kingdom’s northwest Red Sea coast into a high tech hub filled with robots encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.
Executives from the Saudi crown prince’s “Neom” megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub from scratch.
Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are scheduled to attend the event in early April, according to people familiar with the matter. Invitations were sent to private equity firms, bankers and construction suppliers for the gathering, which aims to gauge interest in the project, one of the people said. It’s potentially one of a series of events in multiple American cities, and follows a similar event in London last year, another person said.
Neom didn’t immediately respond to a request for comment.
Announced in 2017, Neom is the crown jewel of Crown Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plans to turn the remote region on the kingdom’s northwest Red Sea coast into a high tech hub filled with robots encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.
Moody’s Expects Surge in Oil to Dampen Islamic Bond Sales - Bloomberg
Moody’s Expects Surge in Oil to Dampen Islamic Bond Sales - Bloomberg
Surging crude is expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service.
“We expect higher oil prices will lead to lower sukuk issuance in 2022, largely driven by lower financing needs” in the six-member Gulf Cooperation Council countries, analyst Ashraf Madani wrote in a report.
Higher oil has pushed crude above the break-even level for almost all the Gulf producers, raising the prospect of significant budget surpluses for even the weakest economies. Oil has rallied more than 30% since Russia’s invasion of Ukraine, and many traders and banks are betting prices will keep climbing.
Saudi Arabia, which needs oil at about $72 a barrel to balance the books, already said it expects to record a surplus this year. For the United Arab Emirates, that figure is about $67 a barrel. The GCC comprises Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain.
Surging crude is expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service.
“We expect higher oil prices will lead to lower sukuk issuance in 2022, largely driven by lower financing needs” in the six-member Gulf Cooperation Council countries, analyst Ashraf Madani wrote in a report.
Higher oil has pushed crude above the break-even level for almost all the Gulf producers, raising the prospect of significant budget surpluses for even the weakest economies. Oil has rallied more than 30% since Russia’s invasion of Ukraine, and many traders and banks are betting prices will keep climbing.
Saudi Arabia, which needs oil at about $72 a barrel to balance the books, already said it expects to record a surplus this year. For the United Arab Emirates, that figure is about $67 a barrel. The GCC comprises Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain.
#Israel's Bank Hapoalim Q4 profit, credit growth rises | Reuters
Israel's Bank Hapoalim Q4 profit, credit growth rises | Reuters
Bank Hapoalim (POLI.TA) reported a rise in fourth-quarter profit, boosted by financing income, as the bank continued to rebound from the COVID-19 pandemic with strong credit growth.
Hapoalim, one of Israel's two largest lenders, said on Tuesday it earned 934 million shekels ($283 million) in the October-December period, compared with a 915 million shekel profit a year earlier.
Net interest income rose to 2.46 billion shekels from 2.24 billion shekels a year earlier.
Hapoalim posted credit loss expenses of 187 million shekels after posting income from the provision for loan losses of 187 million a year earlier. Over the first nine months of 2021, it had recovered 1.41 billion shekels from credit loss provisions to unwind most of the provision made during the crisis.
Bank Hapoalim (POLI.TA) reported a rise in fourth-quarter profit, boosted by financing income, as the bank continued to rebound from the COVID-19 pandemic with strong credit growth.
Hapoalim, one of Israel's two largest lenders, said on Tuesday it earned 934 million shekels ($283 million) in the October-December period, compared with a 915 million shekel profit a year earlier.
Net interest income rose to 2.46 billion shekels from 2.24 billion shekels a year earlier.
Hapoalim posted credit loss expenses of 187 million shekels after posting income from the provision for loan losses of 187 million a year earlier. Over the first nine months of 2021, it had recovered 1.41 billion shekels from credit loss provisions to unwind most of the provision made during the crisis.
Lockheed Martin to invest $1 bln in defence manufacture in #SaudiArabia | Reuters
Lockheed Martin to invest $1 bln in defence manufacture in S. Arabia | Reuters
Lockheed Martin (LMT.N) will invest more than $1 billion to localise military manufacturing in Saudi Arabia, Ray Piselli, its vice president of international business, told broadcaster Asharq Business on Tuesday.
The Saudi General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) have plans worth hundreds of millions of dollars and Lockheed Martin will spend more than $1 billion to support Saudi Arabia's local industry, Piselli was quoted as saying.
GAMI is the kingdom's regulator for the military industry and SAMI is a state-owned defence company.
Saudi Arabia has set itself ambitious targets to diversify its economy from oil, which it supplies to the West, including the United States from which it is a major buyer of weapons.
Lockheed Martin (LMT.N) will invest more than $1 billion to localise military manufacturing in Saudi Arabia, Ray Piselli, its vice president of international business, told broadcaster Asharq Business on Tuesday.
The Saudi General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) have plans worth hundreds of millions of dollars and Lockheed Martin will spend more than $1 billion to support Saudi Arabia's local industry, Piselli was quoted as saying.
GAMI is the kingdom's regulator for the military industry and SAMI is a state-owned defence company.
Saudi Arabia has set itself ambitious targets to diversify its economy from oil, which it supplies to the West, including the United States from which it is a major buyer of weapons.
Gulf bourses down, #Dubai loses as much as 1% | Reuters
Gulf bourses down, Dubai loses as much as 1% | Reuters
Stock markets in the Middle East fell on Tuesday, with Dubai's main index losing as much as 1%, reflecting risk-off sentiment seen globally as Russia-Ukraine peace talks made scant progress.
Oil prices see-sawed with Brent crude futures trading 10% below a 14-year high struck in the last session, on relief that European allies were not planning to join a possible U.S. ban on Russian oil imports.
Keeping a lid on oil price gains, officials said late on Monday that the United States was willing to move ahead with a ban alone, and Germany, the biggest buyer of Russian crude, rejected plans for an energy embargo.
Meanwhile, Russia's offensive in Ukraine continued but at a much slower pace and a second senior Russian commander had been killed, Ukrainian military and intelligence said, as frightened residents fled bombed-out cities. read more
Dubai's main stock index (.DFMGI) lost as much as 1%, before recouping some of the losses to trade down 0.5% down.
Financials weighed. Emirates NBD Bank (ENBD.DU) was the top drag, down 1.7%, followed by Emaar Properties (EMAR.DU), which shed 0.8%.
Abu Dhabi's index (.FTFADGI) was flat, with Aldar Properties (ALDAR.AD) down 0.1% after the company proposed annual cash dividend.
S&P Global Ratings said on Monday the UAE's inclusion in FATF's gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.
Saudi Arabia's benchmark share index (.TASI) was down 0.4%, falling for the first time in four sessions.
Oil giant Saudi Aramco (2222.SE) fell marginally, after hitting a record high of 46 riyals in the previous session.
Shares of Acwa Power (2082.SE) rose more than 1% after the company signed a power purchase agreement for a solar plant in Al Qassim province.
The Qatari index (.QSI) was down 0.6%.
Qatar International Islamic Bank fell nearly 4%, while Industries Qatar (IQCD.QA) was down 1%.
Stock markets in the Middle East fell on Tuesday, with Dubai's main index losing as much as 1%, reflecting risk-off sentiment seen globally as Russia-Ukraine peace talks made scant progress.
Oil prices see-sawed with Brent crude futures trading 10% below a 14-year high struck in the last session, on relief that European allies were not planning to join a possible U.S. ban on Russian oil imports.
Keeping a lid on oil price gains, officials said late on Monday that the United States was willing to move ahead with a ban alone, and Germany, the biggest buyer of Russian crude, rejected plans for an energy embargo.
Meanwhile, Russia's offensive in Ukraine continued but at a much slower pace and a second senior Russian commander had been killed, Ukrainian military and intelligence said, as frightened residents fled bombed-out cities. read more
Dubai's main stock index (.DFMGI) lost as much as 1%, before recouping some of the losses to trade down 0.5% down.
Financials weighed. Emirates NBD Bank (ENBD.DU) was the top drag, down 1.7%, followed by Emaar Properties (EMAR.DU), which shed 0.8%.
Abu Dhabi's index (.FTFADGI) was flat, with Aldar Properties (ALDAR.AD) down 0.1% after the company proposed annual cash dividend.
S&P Global Ratings said on Monday the UAE's inclusion in FATF's gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.
Saudi Arabia's benchmark share index (.TASI) was down 0.4%, falling for the first time in four sessions.
Oil giant Saudi Aramco (2222.SE) fell marginally, after hitting a record high of 46 riyals in the previous session.
Shares of Acwa Power (2082.SE) rose more than 1% after the company signed a power purchase agreement for a solar plant in Al Qassim province.
The Qatari index (.QSI) was down 0.6%.
Qatar International Islamic Bank fell nearly 4%, while Industries Qatar (IQCD.QA) was down 1%.
Oil rises as fears of Russian oil sanctions spur supply concerns | Reuters
Oil rises as fears of Russian oil sanctions spur supply concerns | Reuters
Oil prices rose on Tuesday, with Brent surging past $126 a barrel, as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability.
Benchmark Brent crude futures for May climbed $3.07, or 2.49%, to $126.28 a barrel at 0756 GMT.
U.S. West Texas Intermediate (WTI) crude futures for April delivery rose $2.29, or 1.92%, to 121.69 a barrel.
Russia is the world's second-biggest oil exporter and ships out about 7 million barrels per day of crude and oil products combined.
Oil prices rose on Tuesday, with Brent surging past $126 a barrel, as fears of formal sanctions against Russian oil and fuel exports spurred concerns about supply availability.
Benchmark Brent crude futures for May climbed $3.07, or 2.49%, to $126.28 a barrel at 0756 GMT.
U.S. West Texas Intermediate (WTI) crude futures for April delivery rose $2.29, or 1.92%, to 121.69 a barrel.
Russia is the world's second-biggest oil exporter and ships out about 7 million barrels per day of crude and oil products combined.
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