Stock markets in the Gulf ended mixed on Wednesday, ahead of a potentially large interest rate hike by the U.S. Federal Reserve to curb soaring inflation.

Investors have dramatically raised their bets that the Fed will raise interest rates by 75 basis points (bps) rather than 50 bps on Wednesday, a swing in expectations that has fuelled a violent selloff across world markets.

Saudi Arabia’s benchmark index dropped 0.4%, with oil behemoth Saudi Aramco losing 1.5% and Riyad Bank declining 2.6%.

Oil prices, a key catalyst for the Gulf’s financial markets, fell on concerns about fuel demand and global economic growth.

The Qatari index dropped 0.8%, weighed down by a 3.2% fall in Commercial Bank.

Abu Dhabi snaps 9-day losing streak; Saudi extends losses

The Qatari stock market retreated after the large decline in natural gas prices recorded yesterday following an explosion at an LNG export facility in the U.S., creating an oversupply in the region, said Fadi Reyad, market analyst at CAPEX.com.

In Abu Dhabi, the index added 0.4%, helped by a 0.6% rise in telecoms firm e&.

Dubai’s main share index advanced 1.2%, boosted by sharia-compliant lender Dubai Islamic Bank 2.3% rise.

The United Arab Emirates’ federal government aims to increase spending by 1.23 billion dirhams ($334.9 million) in the 2022 budget, the Federal National Council said on Twitter on Tuesday.

Outside the Gulf, Egypt’s blue-chip index dipped 0.1%.

According to Fadi, the Egyptian market could see an impact from today’s Federal Reserve decision as international investors could react strongly.

SAUDI ARABIA fell 0.4% to 11,979

ABU DHABI up 0.4% to 9,584

DUBAI rose 1.2% to 3,336

QATAR lost 0.8% to 12,627

EGYPT down 0.1% to 9,970

BAHRAIN gained 0.4% to 1,850

OMAN eased 0.2% to 4,113

KUWAIT added 0.2% to 8,197