Most stock markets in the Gulf region closed lower on Wednesday after US President Donald Trump stated that the memorandum of understanding to end the conflict with Iran was “over,” renewing fears of disruptions to Middle East oil supplies.
The agreement, which was brokered by Pakistan last month to allow a 60-day window for negotiations, came under pressure after the United States launched new strikes on Iran.
The United States said it struck Iranian air defense systems, coastal surveillance facilities, and drone launch sites, while Iran’s Islamic Revolutionary Guard Corps said it targeted US military positions in Bahrain and Kuwait, where sirens blared on Wednesday.
Washington moved to revoke the waiver that allowed Iran to sell oil on the global market, a step that Iran’s Ministry of Foreign Affairs said violates the framework agreement aimed at ending the war.
Brent crude futures rose $3.14, or 4.23%, to reach $77.30 per barrel by 12:31 GMT.
Dubai’s main index fell 1.5%, weighed down by a 2.7% drop in toll operator Salik and a 1% decline in Emaar Properties.
In Abu Dhabi, the index slid 0.6% as Alpha Dhabi Holding dropped 3.5%.
The Qatari index fell 0.8%, with Qatar National Bank shares dropping 1% despite announcing higher quarterly profits.
Saudi Arabia’s benchmark index closed unchanged, though shares of oil giant Saudi Aramco rose 2.6%.
The Bahraini index fell 0.6%, and the Kuwaiti index dropped 0.8%, while the Omani index bucked the trend, rising 0.9%.
Outside the Gulf region, Egypt’s blue-chip index fell 1.8%.
Reuters
