Gulf markets climb despite Iran impasse and Hormuz disruption

Gulf stock markets experienced an upward trend on Sunday, aided by Saudi Arabia's strong performance despite ongoing tensions with Iran and continued disruptions in the Strait of Hormuz. The Tadawul All Share Index in Saudi Arabia rose by 0.9 percent, reaching 10,920 points, buoyed by gains in major companies such as Al Rajhi Bank and Saudi Aramco.

Meanwhile, oil prices remained robust, providing a stabilizing factor for Gulf economies reliant on energy exports. Brent crude futures reached $88.52 a barrel, marking a 1.67 percent increase from the previous trading session. The Strait of Hormuz remains a critical yet vulnerable passageway for oil and liquefied natural gas exports, a situation that has led to a decrease in traffic through the waterway and heightened uncertainty in global energy markets.

Diplomatic efforts to resolve the conflict have thus far been unsuccessful, with Iran urging the US to concede defeat and President Trump labeling Tehran as "very evil." Despite these challenges, Gulf markets showed resilience, with some regional indices posting gains as investors sought to gauge the potential for a resolution to the ongoing crisis.