DUBAI: Most Middle Eastern Markets ended higher on Wednesday mirroring gains in oil prices, after President Donald Trump falsely claimed victory in a tight US election that proved far closer than polls had predicted.

A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices.

Brent crude was up by 1.02 cents, or 2.50%, at $40.73 by 1242 GMT.

Saudi Arabia’s benchmark index advanced 1.1%, boosted by a 2.9% rise in Samba Financial Group and a 0.7% increase in oil giant Saudi Aramco.

Aramco, the world’s top oil producing company, on Tuesday reported a net profit of 44.21 billion riyals ($11.79 billion) for the three months ended Sept. 30, in line with an analysts’ estimate provided by Refinitiv.

Dubai’s main share index rose 0.7%, Shariah-compliant lender Dubai Islamic Bank climbed 1.8%, and Emirates NBD Bank was up 1%.

The bank confirmed on Tuesday it was in discussions with Lebanon’s Blom Bank regarding the potential acquisition of Blom Bank Egypt.

In Abu Dhabi, the index gained 0.9%, led by a 3.8% jump in International Holding.

Last week, the aquaculture company reported a net profit of 958.9 million dirhams ($261.08 million) in the third quarter, up from 16.6 million dirhams a year earlier.

The Qatari index inched up 0.3%, supported by a 1.5% gain in Qatar Fuel Co.

The Gulf state’s budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil price volatility, Qatar’s Emir said on Tuesday.

Outside the Gulf, Egypt’s blue-chip index closed up 0.4%, led by a 0.2% rise in top lender Commercial International Bank.—Reuters