Most Gulf markets ease as Iran tensions, Hormuz shipping disruptions weigh
Most Gulf stock markets were subdued in early trade on Monday as stalled US-Iran diplomacy revived fears of a prolonged Middle East conflict, while reduced traffic through the Strait of Hormuz added to concerns over energy supplies and trade flows. Tensions remained high after Iran on Saturday urged Washington to “accept defeat,” while US President Donald Trump called Tehran “very evil” and urged…
Gulf stock markets experienced subdued early trading on Monday due to mounting concerns over Iran-US tensions and reduced traffic through the Strait of Hormuz, which disrupted shipping and raised doubts about energy supplies and trade flows. The situation worsened after Iran urged the US to "accept defeat," while President Trump referred to Tehran as "very evil" and warned Americans to anticipate persistent high fuel prices.
Despite no meaningful progress in peace talks, the Strait of Hormuz remained heavily disrupted, with Saudi Arabia's benchmark index falling 0.2% due to declines in Al Rajhi Bank and Saudi Aramco. Additionally, Qatar's main index slipped 1%, with most of its stocks trading in the red. Shipping activity through the strait slowed significantly over the weekend following recent tanker attacks, with only five commodity vessels passing through on Saturday, compared to 31 the previous weekend.
Dubai's main index saw a slight decline of 0.1%, led by a 1.3% drop in Emirates NBD. However, Abu Dhabi's index slightly rose by 0.1%, driven by a 14.9% surge in Abu Dhabi Ports, following L'IMAD's announcement to take the firm private at 6.25 dirhams per share.
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