DUBAI: Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the US Federal Reserve after a series of inflation readings.

The oil price - a catalyst for the Gulf’s financial markets- settled higher on Friday, drawing support from tensions in the Middle East.

The Qatari benchmark index was up after a two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.

Qatar Islamic Bank and Masraf Al Rayan gained 0.9% and 0.7%, respectively, while Industries Qatar added 0.3%.

Saudi Arabia’s benchmark index was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power fell 5.7% and Middle East Pharmaceutical Industries, slid 2.1%.