Stock markets in the Gulf ended mixed on Tuesday as lower oil prices tempered growing expectations of further U.S. Federal Reserve rate cuts. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Conversely, uncertainty and continued volatility in oil prices at current levels remain a risk to broader market sentiment, especially if prices decline further." The Saudi index surged 7.5% in September 2025, marking its largest monthly gain since January 2022. In Qatar, the index added 0.5%, with Qatar National Bank, the Gulf's biggest lender by assets, gaining 2%.