On Wednesday, Middle Eastern financial markets climbed as oil prices soared beyond $110 per barrel amid concerns about the impact of punitive penalties against Russia for invading Ukraine.
Oil prices soared to seven-year highs as traders hurried to find alternative oil supplies in an already tight market, fearing supply disruptions as a result of harsh penalties against Russian banks.
Saudi Arabia, the world’s largest oil supplier, is expected to raise crude prices for Asia considerably in April, according to trade sources, with differentials for most grades reaching all-time highs.
Meanwhile, the Organization of Petroleum Exporting Countries, Russia, and allies, collectively known as OPEC+, is scheduled to meet today, when they are anticipated to stick to their monthly supply addition plans of 400,000 barrels per day.
Energy-heavy Saudi Arabia’s benchmark index increased by 0.5 percent, led by oil behemoth Saudi Aramco, which increased by 1.8 percent.
The index in Abu Dhabi increased by 1.2 percent.
The board of directors of Abu Dhabi National Energy Company approved a special cash dividend, which boosted the company’s stock by 2.5 percent.
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