Oman’s plan to build a $1 billion natural-gas pipeline from Iran is the latest sign that Saudi Arabia is failing to bind its smaller Gulf neighbors into a tighter bloc united in hostility to the Islamic Republic.
Dubai stocks rallied the most in almost three months and Abu Dhabi’s index advanced on optimism real estate projects in the United Arab Emirates and abroad will boost earnings. Qatari shares increased.
Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
Venezuela, holder of the world’s largest oil reserves, requires the price of Brent crude to average $121 a barrel this year, about $14 more than current prices, for the country’s government to balance its budget, according to Deutsche Bank AG.