Most Gulf stocks edge up amid caution over US-Iran standoff, Saudi energy strikes
Most Gulf markets ended slightly higher on Tuesday, though gains remained modest as escalating hostilities between Washington and Tehran kept traders on the sidelines amid fears of a prolonged standoff. Tehran threatened the U.S. with “economic warfare” and claimed an advanced missile strike on American warships, intensifying a cycle of retaliation following recent cross-border attacks. Saudi…
Gulf markets saw modest gains on Tuesday as geopolitical tensions between the United States and Iran persisted. Traders were cautious, fearing a prolonged standoff, with Tehran threatening the U.S. with "economic warfare" and claiming an attack on American warships. Saudi Arabia's benchmark index rebounded from early losses to end 0.1% higher, with Al Rajhi Bank and Saudi Aramco leading the gains.
Oil prices rose, with Brent crude futures increasing 1.68% to $98.63 a barrel. Energy facilities in Saudi Arabia were temporarily shut down following Houthi strikes that injured 73 people. Analysts noted that developments in the Strait of Hormuz and any signs of de-escalation would be crucial for regional markets, as geopolitical strains could negatively impact sentiment, while diplomatic progress would be positive.
Qatar's index rose 0.7%, driven by a 0.7% increase in the country's largest lender, while Dubai's main share index climbed 0.3%. The UAE is preparing backup export routes to mitigate the impact of the trade standoff, according to a UAE presidential adviser. Egypt's blue-chip index declined 0.8%, with Commercial International Bank falling 1.1%.
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