Gulf markets gain, oil falls as Democrats win Congress
Oil prices fell after Democrats won control of the House and Senate amid hopes that a Democratic-led Congress could lead to more US restraint in Iran.
Gulf markets advanced and oil prices fell on Wednesday morning after Democrats took back the US Congress in the midterm elections as investors weighed the implications for Washington’s war with Iran.
What happened: The Democrats are on course for a larger-than-expected victory against the Republican Party in a resounding blow to the administration of President Donald Trump, whose eight-month war against Iran has pushed up gas prices and fanned inflation.
As of 8:14 a.m. EDT, the Democrats had won 54 Senate seats, over the threshold of 50 to control the upper chamber, according to the Associated Press. The Republicans had 44, with two more seats to be called. For the House of Representatives, the Democrats had secured 228 seats, over the threshold of 218 for a majority. The Republicans had 139 seats, with 68 more to be called.
Gulf markets gained on the news. Qatar’s benchmark index, the QSI, rose 2.3% in early trading, with nearly all its constituents advancing, including Qatar Islamic Bank, which gained 3.3%.
