Gulf stocks mixed ahead of potential US-Iran UN talks

Gulf stock markets closed mixed on Tuesday as cautious investors awaited potential US-Iran developments at the United Nations General Assembly.

Market sentiment remained fragile following renewed threats exchanged between Washington and Tehran, prolonging a months-long stalemate that continues to pressure global energy dynamics and heighten regional tensions.

Compounding these geopolitical risks, Yemen’s Houthis advanced near the strategic Red Sea coast amid persistent cross-border friction with Saudi Arabia.

Saudi Arabia’s benchmark index finished flat, with Al Rajhi Bank losing 2.4%.

Saudi civil defence lifted a security alert in the Najran region on Tuesday, confirming the threat had cleared amid ongoing hostilities with Yemen’s Iran-backed Houthis.

Oil behemoth Saudi Aramco is offering prompt oil cargoes through negotiations for lifting from locations outside the Strait of Hormuz, two trade sources said.

Aramco shares were down 0.2%.

The Qatari benchmark declined 0.5%, following a 2.6% fall in The Commercial Bank .

Dubai’s main gauge gained 0.6%, helped by a 1.2% rise in top lender Emirates NBD .

The Abu Dhabi index advanced 1.3%, a day after falling 1.6%.

A senior Iranian official told Reuters on Tuesday that Tehran could reopen the Strait of Hormuz within a week if the US eases military pressure and lifts its port blockade.

The conditional offer comes shortly after Iran’s military warned on Sunday of unrestricted retaliation if the US, backed by regional allies, restarts military operations against the country.

Outside the Gulf, Egypt’s blue-chip index eased 0.1%.