��������

SINGAPORE: Oil prices rose on Tuesday as the US and China extended a pause on higher tariffs, easing concerns that an escalation of their trade war would disrupt their economies and crimp fuel demand in the world’s two largest oil consumers.

Brent crude futures gained 14 cents, or 0.2 percent, to $66.77 a barrel by 09:43 a.m. Saudi time, while US West Texas Intermediate crude futures rose 8 cents, or 0.1 percent, to $64.04.

US President Donald Trump extended a tariff truce with China to Nov. 10, staving off triple-digit duties on Chinese goods as US retailers prepared for the critical end-of-year holiday season.

This raised hopes that an agreement could be attained between the world’s two largest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices lower.

Oil’s gains have also been supported by fresh signs of softness in the US labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

Also on the radar is US inflation data later in the day, that could shape the Fed’s rate path. Interest rate cuts typically boost economic activity and oil demand.

Potentially weighing on the oil market, Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss an end to the war in Ukraine.

“The US-Russia diplomatic track on the Ukraine conflict remains a wildcard, with traders monitoring for any geopolitical surprises that could disrupt supply routes or sanction regimes,” Sachdeva said.

The meeting comes as the US steps up pressure on Russia, with the threat of harsher penalties on Russian oil buyers such as China and India if no peace deal is reached.

“Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market,” ANZ senior commodity strategist Daniel Hynes wrote in a note.

Trump set a deadline of last Friday for Russia to agree to peace in Ukraine or have its oil buyers face secondary sanctions, while pressing India to reduce purchases of Russian oil.

Washington also wants Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China.

The risk of those sanctions being enacted has receded ahead of the Aug. 15 Trump-Putin meeting.

RIYADH: ��������’s Tadawul All Share Index fell 107.47 points on Monday, or 0.99 percent, to close at 10,791.64. 

Total trading turnover reached SR4.66 billion ($1.24 billion), with 31 stocks advancing and 223 declining.

The Kingdom’s parallel market, Nomu, also declined, shedding 213.58 points, or 0.81 percent, to close at 26,235.8, as 23 stocks advanced while 64 retreated.

The MSCI Tadawul 30 Index slipped 12.37 points, or 0.88 percent, to end at 1,394.75. 

The best-performing stock of the day was flynas Co., which rose 3.48 percent to SR75.90. 

Despite the Monday’s gain, flynas Co. posted a net loss of SR714.65 million for the first half of 2025, compared with a net profit of SR388.01 million in the same period a year earlier. 

The company reported an increase in revenue by 1.27 percent year-on-year to SR3.97 billion, while gross profit rose 6.43 percent to SR865.99 million. The airline attributed the loss to non-recurring initial public offering-related expenses totaling SR1.08 billion. 

Other top gainers included Ataa Educational Co., up 3.36 percent to SR66.05, and Al Sagr Cooperative Insurance Co., which increased 3.14 percent to SR14.12. Electrical Industries Co. and Raoom Trading Co. also advanced, gaining 2.82 percent and 2.56 percent, respectively.

On the losing side, Almunajem Foods Co. dropped 10 percent to SR58.95, followed by Saudi Advanced Industries Co., down 9.52 percent to SR23.00, and Jadwa REIT Al Haramain Fund, which fell 8.09 percent to SR5.34. 

Al-Dawaa Medical Services Co. and BAAN Holding Group Co. also closed lower, retreating 6.29 percent and 5.96 percent, respectively.

On the announcements front, MBC Group Co. reported a 41.07 percent year-on-year increase in net profit to SR335.43 million for the first half of 2025, compared to SR237.77 million in the same period last year.

Revenue for the period rose 37.83 percent to SR3.03 billion, while gross profit climbed 20.06 percent to SR843.10 million. The company’s shares closed down 4.05 percent at SR30.32.

Gulf General Cooperative Insurance Co. widened its net loss after zakat to SR52.86 million for the first half of 2025, compared with a loss of SR13.41 million in the prior-year period. 

Insurance revenues fell 10.08 percent year on year to SR173.45 million, while total comprehensive loss deepened to SR50.35 million from SR13.41 million. The stock ended the session 1.39 percent lower at SR4.98.

Al Moammar Information Systems Co. announced the renewal and amendment of a bank facility compliant with Islamic Shariah from Saudi Awwal Bank, valued at SR269.96 million. 

The agreement, signed on Aug. 9, 2023, is secured by promissory notes and will be used to finance new projects and issue letters of credit and guarantees. MIS shares closed down 0.77 percent at SR128.80.