Gulf Markets Rise in Wake of Saudi Defense Pact

Most Gulf bourses ended higher on Tuesday as diplomatic efforts to de-escalate the Middle East conflict gathered pace, a day after Saudi, Turkish and Pakistani officials held talks in Tehran.

It was the first high-level contact between Iran and the three allies, who signed a mutual defence pact in August, since the US-Israeli strikes on Iran triggered a war that spread to Saudi Arabia and Yemen.

Saudi Arabia's benchmark index advanced 2.3%, led by a 2.8% jump in Al Rajhi Bank, while First Milling Company soared 9.9% after the flour miller reported a steep rise in quarterly profit.

Meanwhile, OPEC+ is likely to keep its December oil output targets unchanged on Sunday, three sources familiar with the matter told Reuters, in line with expectations that no further policy adjustments will come before next year.

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