Gulf stock markets closed mixed on Wednesday as investors weighed renewed concerns about a possible escalation of the conflict in the Middle East, Reuters reported. Brent crude futures climbed $1.31, or 1.2%, to $115.19 a barrel as of 11:15 GMT, driven by renewed concerns about supply in the Middle East.

Source: Reuters via Maaal

Saudi Arabia's benchmark index recovered from early losses to close 0.4% higher, helped by a 0.7% gain in Saudi National Bank, Reuters said. Shares in the National Shipping Company of Saudi Arabia (Bahri) rose 1.6% after a sharp increase in quarterly profits, while Zain KSA fell 1.5% after a decline in third-quarter profits and Saudi Aramco dropped 0.3%. Finimize's market summary reported the same figures, noting Saudi equities held up better than less oil-levered Gulf benchmarks.

Source: Finimize

Dubai's main index fell 0.3%, weighed down by a 1.1% decline in Emirates NBD, while Abu Dhabi's index fell 1.6% on a sharp 5% decline in Abu Dhabi Islamic Bank, Reuters reported. A separate Middle East market wrap put Qatar's QE Index up 0.69% for a fourth straight gain, Oman's MSX 30 up 0.40%, Kuwait's All-Share down 0.69% and Egypt's EGX 30 down 1.64%.

Source: Edge Consultancy Middle East Market Wrap

Ahmed Kamal, CEO of ICM Middle East, said remarks by US President Donald Trump about possible military action after the US midterm elections, coupled with ongoing unrest in the Strait of Hormuz, had dampened risk appetite, according to the Reuters report. Attention has shifted to regional mediation efforts — on Monday, representatives from Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran to try to ease regional tensions.

Yaani: crude oil above $115 a barrel means fuel and shipping stay expensive across the Gulf and beyond — a cost that reaches Punjabi and Indian workers in the Gulf through prices, flights and remittances, which is why a mixed day on Gulf exchanges still matters far from Riyadh and Abu Dhabi.