Gulf stock markets experienced a collective rise on August 23, driven by a surge in global oil prices. This rally followed growing market concerns regarding the potential imposition of new sanctions on the Iranian energy sector. On August 24, the US Treasury announced plans to broaden secondary sanctions to further sever Iranian economic ties.
WTI crude drops 3% following reports of a US-drafted framework offering sanctions relief in exchange for maritime security.
Read the full storyPakistan's Army Chief carries a proposal for gradual sanctions relief following direct talks with President Trump.
Amid shifting market sentiment and geopolitical friction, oil prices dropped 3% to hit a 12-day low following new developments in the US-Iran standoff.
GCC equity markets witnessed a collective rise as global oil prices surged due to escalating geopolitical tensions and potential energy sanctions on Iran.