Most Gulf markets retreat amid escalating hostilities

DUBAI: Most stock markets in the Gulf closed lower on Monday as hostilities escalated across the region and Iran asserted that it had sealed the strategically vital Strait of Hormuz, sending oil prices higher and reigniting global inflation fears.

US forces carried out another wave of strikes against Iran on Sunday, targeting dozens of sites across multiple locations with precision munitions, according to Central Command. Iran’s Revolutionary Guards said Monday that they had retaliated by attacking US military bases in Kuwait and Bahrain.

Saudi Arabia’s benchmark index eased 0.2 percent, with oil major Saudi Aramco falling 1.1 percent.

Meanwhile, Brent crude futures were up USD2.47, or 3.25 percent, to USD78.48 at 1145 GMT.

In Abu Dhabi, the index fell 0.3 percent, with Abu Dhabi Islamic Bank losing 1 percent. The United Arab Emirates’ defence ministry said on Sunday its air defence systems were responding to a missile threat.

Qatar’s stock market was closed as the Qatar Stock Exchange joined the nation in mourning the passing of His Highness the Father Emir, Sheikh Hamad bin Khalifa Al Thani.

Outside the Gulf, Egypt’s blue-chip index gained 0.7 percent.