As we can see, the findings of the little available work on GCC countries are contradictory. These findings are puzzling because the GCC countries are heavy oil exporters and have similar economic structures. Furthermore, the GCC economies are oil dependent and are thus sensitive to oil price changes. But previous results are based on country analysis and use time series data from relatively short periods. Our paper differs from previous studies by applying a recent bootstrap panel causality test to examine the relationship between oil and stock markets in GCC countries. .
