Crude prices, a key driver for Gulf financial markets, declined more than $1 to below $60 a barrel, the lowest since May

Most Gulf equities slid on Tuesday in tandem with a decline in global stock markets as weaker oil prices weighed on sentiment.

Crude prices, a key driver for Gulf financial markets, declined more than $1 to below $60 a barrel, the lowest since May.

The Qatari benchmark index dropped for a third straight session, shedding 0.3% with all constituents in negative territory. Qatar Gas Transport slipped 1.8% and Dukhan Bank slid 1.3%.

Saudi Arabia’s benchmark stock index shed 1.3% to end at 10,453, its lowest level in three months, with all sectors in decline. Al Rajhi Bank dropped 2.1% and oil major Saudi Aramco declined 1%.

A significant driver of today’s decline was the drop in oil prices, which broke through key support levels, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

This confirms the potential for further downside as the geopolitical risk premium fades, on speculation that the Russia-Ukraine conflict may be nearing a resolution, he added.

The Abu Dhabi benchmark index was down for a third session, edging 0.1% lower with most constituents posting losses, led by consumer staples and energy. ADNOC Drilling and ADNOC Distribution dropped 1.3% each, while ADNOC Gas shed 0.9%.

Meanwhile, Abu Dhabi National Oil Company (ADNOC) said on Monday it has secured a controlling 95% stake in Covestro in its 14.7-billion-euro takeover, one of the largest acquisitions of an EU company by a Gulf state.

Dubai’s benchmark stock index snapped two sessions of losses to end 0.3% higher, supported by a 1.4% gain in Emaar Properties and a 1.3% rise in toll operator Salik Company.