Most Gulf markets slip on ME hostilities

DUBAI: Most Gulf bourses closed lower on Wednesday, after US President Donald Trump said the memorandum of understanding to end the conflict with Iran was “over”, renewing fears of disruptions to Middle East oil supplies.

The US said it had struck Iranian air defence systems, coastal surveillance facilities and drone launch sites, while Iran’s Revolutionary Guards said they had targeted US military positions in Bahrain and Kuwait, where air raid sirens sounded on Wednesday.

Brent crude futures were up USD3.14, or 4.23 percent, to USD77.30 a barrel at 1231 GMT.

Dubai’s main share index declined 1.5 percent, dragged by a 2.7 percent slide in toll operator Salik and a 1 percent drop in blue-chip developer Emaar Properties.