Gulf bourses subdued as regional worries weigh
Major stock markets closed lower on Monday as tensions in the Middle East kept investors on edge, with a tanker blast in the Strait of Hormuz and uncertainty over the waterway’s reopening adding to the caution. An oil tanker caught fire and exploded after striking a naval mine in the southern part of the strait, Iran’s Islamic Revolutionary Guard Corps navy said on Sunday, according to Iranian…
Gulf stock markets ended lower on Monday due to regional tensions and a tanker blast in the Strait of Hormuz. A fire and explosion occurred when an oil tanker struck a naval mine in the southern part of the strait, according to Iran's Islamic Revolutionary Guard Corps navy. The incident heightened investor caution, as tensions in the Middle East continued to keep traders on edge.
Saudi Arabia's benchmark index declined 0.7%, while Dubai's main share index slipped 0.3%. Dubai Investments, planning to float a 20% stake in its subsidiary, saw its shares finish flat after early gains. Talks between Qatar and Iran to discuss energy cooperation did not result in significant movement, as doubts about de-escalation and the impact of tanker incidents in the Strait of Hormuz lingered, dampening near-term risk appetite.
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