Major Gulf bourses ended mixed on Monday with oil prices jumping to levels last seen in 2008 amid market supply fears following Russia's invasion of Ukraine.
Brent crude oil prices surged by as much as 17.8% to $139 a barrel as the United States and
European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
Meanwhile, other commodity prices also soared while shares sank in frantic trading across global markets.
"The Saudi stock market is also seeing a decrease in prices following the concerns around ..
the impact of the conflict in Europe on the global economy," said Farah Mourad, Senior Market Analyst of XTB MENA.
Energy-heavy Saudi Arabia's benchmark share index (.TASI) ended flat, with losses in financials offsetting gains in material and energy stocks.
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs
Dubai's main index (.DFMGI) fell 0.9%, down for a second consecutive session, after gaining 4.1% the previous week.
Abu Dhabi's index (.FTFADGI) ended flat while the Qatari index (.QSI) rose nearly 1% in its sixth straight session of gains.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 3.6%, in its biggest loss in over ten days.