Gulf Markets Slip Amid Regional Tensions

Most Gulf stock markets ended lower on Monday after reports suggested Iran might be preparing a retaliatory strike on Israel, prompting investors to react cautiously as the U.S. warned Iran against any potential attack.

According to Axios, the United States has warned Iran to refrain from attacking Israel, saying it will not be able to limit Israel’s response if it does.

Market Highlights in the Gulf Region

• Oman: The Oman index <.MSX30> decreased by 0.6% to 4,718 points.
• Saudi Arabia: The Saudi benchmark index <.TASI> declined by 0.1% to 12,039 points. Key stocks such as Al Taiseer Group and ACWA Power Company fell by 0.2% and 2.2%, respectively.
• Dubai: Dubai’s main share index <.DFMGI> dropped 0.8% to 4,585 points. Leading companies like Emaar Properties and Tecom Group saw declines of 0.8% and 2.2%, respectively.
• Abu Dhabi: The Abu Dhabi index <.FTFADGI> finished 0.2% lower, ending at 9,331 points.
• Qatar: The Qatar index <.QSI> moved against the trend, rising by 0.4% to 10,118 points. Qatar Islamic Bank and Ooredoo advanced by 0.9% and 1.8%, respectively.
• Egypt: Egypt’s blue-chip index <.EGX30> dropped by 0.6% to 30,650 points.

The recent decision by OPEC+ to delay the planned increase in crude oil production until December has further heightened concerns in financial and energy markets.

The decision of OPEC+ and the reduction of oil production along with regional tensions, the decision of OPEC+ to extend the reduction of oil production by 2.2 million barrels per day until December has also affected the decline of the Oman Stock Exchange index.