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Gulf markets mixed amid US ban on Russian oil

Major Gulf bourses traded mixed amid fears of a potential supply shock after the United States announced a ban on Russian oil imports. U.S. President Joe Biden imposed an immediate ban on Russian oil and other energy imports in retaliation for Moscow’s invasion of Ukraine.

Crude oil prices rose to $130.89 per barrel. Dubai’s main stock index rose 0.5%, breaking its three-day streak of falls. Emirates Integrated Telecommunications Company and Dubai Islamic Bank boosted sentiment. Saudi Arabia’s benchmark share index gained 0.5%. State-run oil giant Saudi Aramco was up 0.3%. CEO Amin Nasser said that the tragic situation that is unfolding is making the global energy crisis worse. Abu Dhabi’s index fell 0.7%.

Abu Dhabi National Energy Company said that it will buy energy generated assets in the UAE. This is to expand its clean energy development by sending its shares 1.6% higher. The Qatari index was flat, with losses in communication services offset by gains in the real estate sector.

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