Dubai gains over 2%, Aramco hits record high

Major Gulf bourses jumped on Wednesday with Dubai’s main index posting its best day in over three months as oil prices rocketed past $110 a barrel on worries over the impact of aggressive sanctions against Russia for invading Ukraine.

Oil prices surged to $113.02 and global stocks came under renewed pressure.

OPEC+ oil producers meeting on Wednesday did not plan to accelerate output rises, according to a draft deal seen by Reuters, as Saudi Arabia and the United Arab Emirates recommit to a deal with Russia even as crude prices shoot higher.

Dubai’s main index (.DFMGI) surged 2.1 per cent to mark its best day since Nov. 15.