President Zardari conveyed his heartfelt condolences to Sheikh Mohammed bin Rashid Al Maktoum and the bereaved Al Maktoum family, praying that Allah Almighty grant the departed soul eternal peace and give patience and strength to the bereaved family.

Prime Minister Shehbaz Sharif also expressed his deep grief and sorrow over the passing of Sheikh Ahmed bin Rashid Al Maktoum.

The prime minister said Sheikh Ahmed had devoted his life to the service of Dubai and the United Arab Emirates with honour and dignity.

“Pakistan deeply appreciates his valuable services and pays tribute to his memory with respect and admiration,” he said.

Shehbaz extended his heartfelt condolences and sympathies to Sheikh Mohammed bin Rashid Al Maktoum, the Al Maktoum family and the people of the UAE.

He prayed that Allah Almighty may bless the departed soul with the highest place in Jannat-ul-Firdous and grant the bereaved family strength and patience to bear the loss.

Sheikh Ahmed died on Monday, with Dubai beginning a 10-day mourning period following his death, according to The National.

Dubai Media Office said flags would be flown at half-mast during the official mourning period.

Sheikh Ahmed served as Deputy Chairman of Dubai Police and was the long-serving president of Al Wasl Sports Club.

“The Dubai Department of Economy and Tourism launches ‘A Dubai Invite’, inviting residents to become ambassadors of the city by welcoming their loved ones to Dubai,” the Dubai media office said in a post on X, adding that the programme would run until the end of October.

Summers are usually a low season for tourists in the United Arab Emirates, a mostly desert country where temperatures can reach 50C.

The Dubai government website says residents wishing to invite friends and family to visit from July 20 to October 31 can “receive benefits worth over AED 3,000 (USD 816), including hotel stays, dining experiences, attraction tickets and more”.

Residents can nominate people they wish to invite on the website to enjoy the benefits. With 19.5 million yearly tourists, Dubai is among the region’s top destinations and was long seen as a playground for the world’s rich and famous.

Although the UAE has so far not been hit in the latest round of US-Iran escalation, the war that erupted in February shattered the Gulf’s image as a haven of stability, with Tehran directing its fury at the oil-rich region.

The United Arab Emirates bore the brunt of Iran’s missiles and drones, which hit hotels, including on the Palm, as well as its landmark Burj Al Arab resort and sent tourists fleeing during the winter high season.

Since a shaky ceasefire came into effect on April 8 some tourists have trickled in, but hotels are mostly relying on local guests, people working in the industry have told AFP.

It comes after Saturday, one of the heaviest days of Hezbollah fire toward northern Israel since the April ceasefire, ​prompting school closures and restrictions.

The operation, the military said, was focused ​on establishing control of the Beaufort Ridge and the ⁠Wadi al-Saluki area, while degrading the Hezbollah and its ​infrastructure on the ridge established under Iranian direction.

One Israeli soldier was ​killed, the military said.

There were no immediate comments from Lebanon or from Hezbollah.

The capture of the medieval castle and ridge deepen Israel’s footprint in Lebanon ​as the Israel-Hezbollah military front remains active even as a parallel ceasefire ​holds in the wider Iran war.

Hezbollah entered the US-Israeli war against Iran by ‌firing ⁠rockets and drones into Israel on March 2, days after the Iran conflict began. Israel then began to attempt driving the Iran-backed militia away from its northern border.

The advance into Beaufort Castle ​has granted Israeli ​troops an overlook ⁠point over much of southern Lebanon and northern Israel, from which attacks have been launched towards ​Israeli residential areas.

US ready to restart strikes on Iran if no deal, says Pentagon chief

Hezbollah “carried out numerous attacks,” from the ​Ridge, the ⁠military said, adding that its troops were operating against launch infrastructure in the area, from which “hundreds of projectiles were launched toward Israeli ⁠civilians ​and IDF soldiers.”

Israeli troops were also operating ​near Nabatieh, a major Hezbollah stronghold in southern Lebanon, the military said.

Washington reinstated a naval blockade on Iranian ports on Tuesday and carried out overnight strikes, leading Iran’s Islamic Revolutionary Guard Corps to threaten the closure of “all other export corridors that benefit the U.S. and its allies.”

U.S. President Donald Trump has also threatened strikes on power plants and bridges next week unless Iran returns to talks aimed at ending the conflict, while abandoning an earlier proposal to impose a 20% fee on shipping through the Strait.

Saudi Arabia’s benchmark index eased 0.1%, hit by a 0.8% fall in oil major Saudi Aramco.

Ongoing geopolitical uncertainty continues to weigh on sentiment, with tensions between the U.S. and Iran and shipping disruptions through the Strait of Hormuz limiting broader market optimism, said George Pavel General Manager at Naga.com Middle East.

According to Pavel, markets are likely to remain sensitive to geopolitical developments. Global cues, including the release of U.S. Producer Price Index data, could provide further insight into inflation trends and the monetary policy outlook as investors await clearer signals on the Federal Reserve’s policy path.

The U.S. Producer Price Index is due later in the day.

Traders are now pricing in a 58% chance of a Fed rate hike in September, down from 76% before the CPI report, while odds of a December increase remain near 80%, the CME FedWatch data showed.

U.S. monetary policy has a significant bearing on Gulf markets, where most currencies are pegged to the dollar.

In Abu Dhabi, the index added 0.4%.

One Indian crew member was killed and eight others injured after Iranian cruise missiles struck two Emirati oil tankers in the Strait, the United Arab Emirates Ministry of Defence said on Tuesday, marking the latest escalation in the strategic waterway.

Dubai’s main share index, however, rose 0.4%, with blue-chip developer Emaar Properties gaining 0.4%.

Top Federal Reserve officials welcomed June’s cooler inflation data but said more evidence was needed to confirm that price pressures were easing.

The Qatar Stock Exchange remained closed following the death of former Emir Sheikh Hamad bin Khalifa Al Thani.

Outside the Gulf, Egypt’s blue-chip index added 0.5%.

The U.S. military launched strikes against Iran for a third straight night on Monday, while President Donald Trump restored a blockade on Iranian shipping and suggested imposing a 20% fee for protecting the Strait of Hormuz.

Dubai’s main share index declined 1.3%, with top lender Emirates NBD gaining 2.7%.

GCC equities remained under pressure as rising geopolitical tensions drove investors toward caution. Security concerns around maritime trade deepened after fresh tanker incidents and the U.S. decision to reinstate its blockade against Iran, heightening uncertainty over shipping through the Strait of Hormuz, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

Focus is also turning to key global catalysts, including U.S. inflation data and Federal Reserve Chair Kevin Warsh’s testimony, which could shape expectations for U.S. monetary policy and global risk appetite, with potential implications for GCC markets, added Takieddine.

In Abu Dhabi, the index lost 0.5%.

The United Arab Emirates Ministry of Defence said on Monday two Emirati tankers were struck by Iranian cruise missiles in the southern lane of the Strait of Hormuz, within Omani territorial waters, killing one Indian crew member and injuring eight others.

Shipping data released Monday also showed that tanker traffic through the Strait of Hormuz over the previous day had dropped to its lowest level in two months.

Saudi Arabia’s benchmark index dropped 0.8%, dragged down by a 1.7% fall in Al Rajhi Bank.

Meanwhile, Yemen’s Houthi movement fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under its control on Monday.

Oil major Saudi Aramco advanced 1.4% as oil prices rose.

Brent crude futures were up $2.89, or 3.47%, at $86.19 per barrel at 1158 GMT.

Outside the Gulf, Egypt’s blue-chip index lost 0.6%, hit by a 1.4% fall in Commercial International Bank .

U.S. 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 U.S. military bases in Kuwait and Bahrain.

U.S. President Donald Trump said on Sunday that the Strait of Hormuz remained open to commercial traffic, despite Iran’s earlier declaration that it had closed the waterway after striking a vessel it said had traveled along an unauthorized route.

The widening conflict has cast fresh uncertainty over the future of an interim U.S.-Iran agreement signed last month, which sought to reopen the strait and bring the war to an end following a further 60 days of negotiations.

Saudi Arabia’s benchmark index eased 0.2%, with oil major Saudi Aramco falling 0.5%.

Meanwhile, Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT.

Dubai’s main share index declined 1.4%, dragged by a 2.6% slide in the top lender, Emirates NBD and a 1.4% decrease in blue-chip developer Emaar Properties.

In Abu Dhabi, the index fell 0.5%, with Abu Dhabi Islamic Bank losing 2.1%.

The United Arab Emirates’ defence ministry said on Sunday its air defense 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.

In global markets, Japan’s Nikkei rose 1.2% and South Korea’s KOSPI leaped 2.5%, while pan-European STOXX 600 was up 0.1% GLOB/MKTS

Dubai’s main share index jumped 0.9%, supported by gains in financial and industrial stocks.

Dubai Islamic Bank gained 3.1%, while top lender Emirates NBD Bank added 1.4%.

Among the gainers, Taaleem Holding climbed 3.5% after reporting a 21% rise in third-quarter net profit to 105.6 million dirhams ($28.75 million).

Separately, Emirates Global Aluminium said on Friday that its Al Taweelah alumina refinery in Abu Dhabi has restarted producing the feedstock for aluminium smelting and would ramp up to 50% capacity within days.

Abu Dhabi’s benchmark index settled 0.5% up, led by a 5.3% surge in telecom operator E& Group and a 0.8% gain in energy shipping firm Adnoc L&S.

E& recorded its highest intra-day gain in over three-and-a-half years after announcing it would sell its entire stake in Vodafone to the investment vehicle of French billionaire Xavier Niel’s family in a $5.95 billion deal.

The deal prices Vodafone shares at 112.5 pence, a 15% premium to their last close of 97.76 pence, and will result in a net cash return of about $1.3 billion, the company said.

Oil prices, a key driver for Gulf economies, were up 0.7% at $76.86 a barrel by 1136 GMT.

Iranian armed forces struck U.S. military infrastructure in neighbouring Gulf states on Thursday after U.S. attacks on Iran’s southern coastal and eastern provinces, increasing pressure on a ceasefire that had been in place for three weeks.

The U.S. military said on Wednesday its latest strikes on Iran were aimed at keeping the Strait of Hormuz open after it said Iranian forces attacked three tankers in the area. The assault came hours after U.S. President Donald Trump said he believed the interim ceasefire with Iran to be “over”.

Brent crude futures were up 53 cents, or 0.68%, to $78.55 a barrel at 1148 GMT.

Saudi Arabia’s benchmark stock index lost 0.4%, with Al Rajhi Bank declining 0.4%.

Rising geopolitical tensions in recent days could dampen risk appetite and create downside risks across some Gulf markets, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

Any further escalation could weigh on sentiment and encourage caution. However, upcoming quarterly earnings, particularly from flagship companies, may help guide market direction, with strong results potentially offsetting some geopolitical concerns, added Takieddine.

Dubai’s main share index fell 0.2%, with blue-chip developer Emaar Properties slipping 0.7%, while budget carrier Air Arabia dropped 0.6%.

Abu Dhabi’s benchmark index finished flat.

Shares of Emirates Telecommunications Group reversed early losses to end 0.8% higher, a day after a media report of a widespread service outage.

In Qatar, the index dipped 0.8%, with the region’s biggest lender, Qatar National Bank , down 0.7%.

Outside the Gulf, Egypt’s blue-chip index gained 0.5%.

The agreement, brokered by Pakistan last month to provide a 60-day window for negotiations, came under strain after the U.S. launched fresh strikes on Iran.

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

Washington also moved to revoke a waiver that had allowed Iran to sell oil on the global market, a move Iran’s foreign ministry said violated the framework agreement aimed at ending the war.

Brent crude futures were up $3.14, or 4.23%, to $77.30 a barrel at 1231 GMT.

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

In Abu Dhabi, the index fell 0.6%, with Alpha Dhabi Holding losing 3.5%.

The Qatari index was down 0.8%, with the Gulf’s biggest lender Qatar National Bank slipping 1%, despite reporting a rise in quarterly profit.

Saudi Arabia’s benchmark index finished flat, with oil major Saudi Aramco advancing 2.6%.

Outside the Gulf, Egypt’s blue-chip index retreated 1.8%.

President Donald Trump said on Monday the U.S. would either strike a deal with Iran or “finish the job,” reviving the prospect of military action as Tehran struck a defiant tone after the funeral of former Supreme Leader Ayatollah Ali Khamenei.

Late on Monday, Iran’s Revolutionary Guards fired at least two missiles at commercial ships transiting the Strait of Hormuz, Axios reported, citing two U.S. officials. The ships suffered significant damage but there were no casualties, the report said.

Saudi Arabia’s benchmark index rose 0.4%, with ACWA Power advancing 3.1%.

On Monday, the world’s top oil exporter cut the August official selling price of its flagship Arab Light crude for Asia by $11 a barrel, setting it at a discount of $1.50 to the average of Oman and Dubai prices. Prices for the kingdom’s four other crude grades were also reduced by $11 a barrel.

In Abu Dhabi, the index added 0.2%.

Investor attention is now shifting to the regional earnings season. Results will be closely watched for the impact of shipping disruptions and higher freight costs on margins. Until tensions in the Strait of Hormuz ease and earnings provide more clarity, Gulf markets are likely to stay range-bound and prone to headline-driven swings, said George Pavel, general manager at Naga.com Middle East.

Dubai’s main share index was up 0.1%, helped by a 2.2% gain in Emirates Integrated Telecommunications Company (du).

The company launched du Ventures, a $50 million venture capital fund managed by Shorooq, to invest in promising startups and emerging technologies, with a significant focus on UAE-based ventures.

Elsewhere, the Qatari index eased 0.1%, with Qatar Islamic Bank losing 0.7%.

Outside the Gulf, Egypt’s blue-chip index advanced 1%, led by a 2% gain in Commercial International Bank.

Egypt’s central bank is expected to keep its overnight interest rates on hold for a third consecutive meeting when its Monetary Policy Committee meets on Thursday, as a tentative easing of regional tensions offers some relief, a Reuters poll showed.

The scale of the disruption from the ​U.S.-Israeli war on Iran has revived comparisons with the 1973 Arab oil embargo, the Iranian Revolution and the 1991 Gulf War, while highlighting how ‌global energy markets have evolved.

A different kind of energy shock

Unlike previous crises, the Iran war has simultaneously disrupted crude oil, natural gas, refined fuels and fertiliser supplies, exposing vulnerabilities created by decades of rising energy demand, globalised trade and the Middle East’s growing role as a supplier of finished fuels.

The oil shocks of the 1970s left lasting economic scars and reshaped energy policy in major importing countries. In response ​to those crises, the IEA was established to advise industrialised nations on energy security and coordinate emergency stockpiles.

The agency has responded to the current crisis by ​releasing a record 400 million barrels from strategic reserves to help stabilise markets and offset lost Middle Eastern supply.

Iran exploring oil sales to Japan, buyers seek longer sanctions waiver, sources

How does the current ⁠disruption compare by scale?

The IEA said peak supply losses exceeded 14 million barrels per day (bpd), equivalent to about 13.6% of expected global oil demand of 103.3 million bpd this ​year.

That dwarfs the peak losses of 4.5 million bpd during the 1973-74 Arab oil embargo, 5.6 million bpd during the Iranian Revolution and 4.3 million bpd during the 1991 ​Gulf War, according to IEA figures.

The conflict has also shut in roughly one-fifth of global liquefied natural gas production in Qatar. During the oil shocks of the 1970s, LNG trade was negligible; Qatar did not begin exports until 1996.

The disruption extended beyond crude and gas into fuel markets after Gulf refinery outages contributed to shortages of diesel and jet fuel. Large refineries built across the Gulf over recent ​decades have become major suppliers to markets in Africa, Europe and Asia.

Argus Media estimates the conflict removed around 24 million metric tons of LNG supply from Qatar and the ​United Arab Emirates. Based on IEA data showing global LNG trade of 428 million tons in 2025, that equates to about 5.6% of annual global LNG supply.

How do duration and losses compare ‌with past shocks?

According ⁠to an IEA report published on May 13, cumulative supply losses from Gulf producers had already exceeded 1 billion barrels. Adding a further 14 million bpd lost over the 35 days between May 14 and the June 17 U.S.-Iran interim deal that halted the war suggests the conflict removed around 1.5 billion barrels from the market, according to Reuters calculations.

Despite the deal, disruptions are expected to continue for months and, in the case of gas, potentially years.

The Iranian Revolution produced smaller daily losses than the current crisis but a ​larger cumulative impact.

The U.S. Department of Energy ​estimates Iran’s crude production fell by an ⁠average of 3.9 million bpd between 1978 and 1981. That implies roughly 4.3 billion barrels of lost output over three years, according to Reuters calculations, although some of the lost supply was offset by increased output elsewhere in the Gulf.

Oil journalist and author Ian ​Seymour estimated in his book published in 1980 that Iran produced an average of 3.1 million bpd in 1979 compared with ​around 6 million bpd ⁠before the revolution, implying losses of more than 1 billion barrels that year alone.

Production fell further to an average of 1.47 million bpd in 1980, according to OPEC data. Compared with 1978 production levels, cumulative losses in 1979 and 1980 exceeded 2.7 billion barrels, according to Reuters calculations, still greater than the losses recorded so far in the current crisis.

During the 1973-74 Arab ⁠oil embargo, ​producers gradually increased cuts to 4.5 million bpd over three months. Reuters calculations suggest the embargo removed roughly ​530-650 million barrels from the market, substantially less than the current disruption.

The 1991 Gulf War disrupted oil output for around four months, according to a government document from IEA member Australia. Assuming losses averaged 4.3 million ​bpd, cumulative losses totalled roughly 516 million barrels, according to Reuters calculations, also less than the current crisis.

The United States authorised Iranian oil sales in June, easing decades-old sanctions as it pushes for a final peace deal with Tehran in exchange for commitments on nuclear inspections and freedom of navigation through the Strait of Hormuz.

China has been the main buyer of Iranian oil in recent years after customers in South Korea, Japan, India and Europe halted purchases as sanctions tightened following U.S. President Donald Trump’s withdrawal from Iran’s nuclear pact in 2018.

Govt mulling purchasing cheaper oil, gas from Iran: Malik

The U.S. Treasury Department’s current sanctions waiver allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

Japan’s foreign ministry and the U.S. Treasury did not immediately respond to requests for comment.

The pan-European index STOXX 600 rose 0.2%, while MSCI’s broadest gauge of global equities edged up 0.1%.

The U.S. unemployment rate fell to 4.2% last month from 4.3% in May as more workers left the labour force. Soft jobs data reduced expectations of an imminent Fed rate hike and increased bets that rates will stay on hold until October.

Shifts in U.S. monetary policy have a significant impact on Gulf markets including the UAE, where most currencies are pegged to the dollar.

Dubai’s main index rebounded on Friday, rising 1.1% as gains in industrial and financial stocks helped sustain the momentum.

Toll-gate operator Salik Company jumped 2.4%, while blue-chip developer Emaar Properties and top lender Emirates NBD Bank each advanced 1.5%.

Separately, Emirates Global Aluminium, owned by Abu Dhabi and Dubai sovereign wealth funds, said on Thursday it was restoring production sooner than expected at its Al Taweelah complex, which was damaged by Iranian missile strikes in March, although hot metal output may take up to a year to return to previous levels.

Abu Dhabi’s benchmark index settled 0.9% higher, rising for a second session. Property giant Aldar Properties hiked 1.2%, while conglomerate Alpha Dhabi Holding climbed 4.3%.

International Holding Company, the UAE’s largest listed company by market value, advanced 0.6% after it unveiled plans to invest $11.5 billion in an integrated aluminium project in the eastern Indian state of Odisha through a joint venture with India’s Adani Group, a state official said on Thursday.

For the week, Dubai’s index added 0.7%, while the Abu Dhabi index recorded 0.2% gains, according to data compiled by LSEG.

Iranian and U.S. negotiators spent two days in Doha addressing maritime traffic in the Strait of Hormuz and the unfreezing of Iranian assets, two central elements of the initial accord, according to sources familiar with the talks.

The next round of negotiations will take place after funeral rites for Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is set to be laid to rest on July 9, Qatar’s Foreign Ministry said.

Saudi Arabia’s benchmark index eased 0.3%, with Saudi Arabian Mining Company losing 1.3%.

Meanwhile, speaking in Washington, U.S. President Donald Trump said negotiations were advancing on possible restrictions to Iran’s nuclear program, the main issue underpinning the war launched by the United States and Israel in February.

“The denuclearization of Iran is moving along well,” he said. “They’ve had very good meetings, and we’ll see.”

Dubai’s main share index dropped 0.3%, hit by a 2.2% slide in toll operator Salik Co .

Investors continue to monitor developments in U.S.-Iran talks, with indications that dialogue between the two sides remains ongoing providing some support to market sentiment.

However, lingering uncertainty is likely to keep investors cautious, potentially limiting the scope for a strong rebound, said Milad Azar Market analyst at XTB MENA.

In Abu Dhabi, the index was up 0.2%.

The Qatari index lost 0.8%, weighed down by a 1.7% fall in the Gulf’s biggest lender Qatar National Bank .

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

U.S. President Donald Trump’s son-in-law, Jared Kushner, and envoy Steve Witkoff arrived in Doha on Tuesday for what the White House called “high-level” talks. However, Iran and the host nation, Qatar, said the discussions would take place through mediators rather than in direct meetings with Iranian officials.

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani reaffirmed Doha’s ongoing mediation efforts and its support for all negotiation tracks arising from the memorandum of understanding between the United States and Iran, according to Qatar’s Foreign Ministry on Tuesday.

Saudi Arabia’s benchmark index gained 0.5%, with the country’s biggest lender Saudi National Bank rising 1.3%.

Oil major Saudi Aramco added 0.4%.

Meanwhile, tanker traffic through the strategically vital waterway Strait of Hormuz has begun to recover, with Vance saying oil flows through the strait had returned to pre-war levels.

Dubai’s main share index rose 0.4%, with blue-chip developer Emaar Properties putting on 1%.

In Abu Dhabi, the index was up 0.1%.

The United Arab Emirates raised crude oil and condensate exports to a record in June, preliminary ship-tracking data from Kpler and Vortexa showed, weeks after the Gulf producer quit OPEC.

The surprise decision to end nearly 60 years of membership in the Organization of the Petroleum Exporting Countries on May 1, during the U.S.-Israeli war with Iran, was aimed at unlocking greater value from its resources by freeing output from the group’s quota system.

The Qatari index edged 0.1% higher in choppy trade.

US envoys in Doha will not hold a high-level meeting with Iran, a Qatari official said, adding there will be technical talks this week on issues including regional security that could be elevated to senior level.

Iran had said on Monday that no meeting had been planned as weekend missile exchanges tested an interim ceasefire. It said its technical delegation’s visit to Qatar was unrelated to the Americans’ trip and that no talks were scheduled.

Saudi Arabia’s benchmark stock index edged 0.1% up on Tuesday, with shares in ACWA Power gaining 2.8%.

Dubai’s main share index dropped 0.6%, with top lender Emirates NBD (ENBD) retreating 1.8% on reports it is considering acquiring HSBC’s Turkish unit.

ENBD shares may stay under pressure in the near term as investors price in capital, integration, and execution risks tied to another potentially large overseas deal so soon after its bid for a 26% stake in India’s RBL Bank, said Daniel Takieddine, CEO of Sky Links Capital Group.

According to Takieddine, in the longer run, a broader footprint across Turkey and South Asia could help diversify earnings, reduce reliance on the domestic market, and reinforce the bank’s long-term growth prospects.

In Abu Dhabi, the index fell 0.4%.

The Qatari index eased 0.1%, weighed down by a 2.2% fall in the Gulf’s biggest lender Qatar National Bank.

Outside the Gulf, Egypt’s blue-chip index advanced 1.3%, as most of its constituents were in positive territory.

The International Monetary Fund said on Monday it had reached a staff-level agreement with Egypt on two programme reviews, potentially unlocking about $1.6 billion subject to executive board approval.

A renewed push for diplomacy in the Middle East would come after several days of retaliatory strikes, triggered by an Iranian projectile that hit a cargo vessel in the Strait of Hormuz last week. Both sides have since accused each other of violating an interim ceasefire.

Uncertainty over the peace deal’s durability pushed oil prices higher, although crude has since surrendered nearly all of its war-related gains as markets rapidly reassessed the likelihood of easing supply pressures.

The 14-point interim peace agreement, reached on June 17, was intended to stop the fighting that began after U.S. and Israeli action on February 28, reopen the strategically vital Strait of Hormuz, and allow negotiations to continue on issues including Iran’s nuclear programme.

Saudi Arabia’s benchmark index dropped 1.1%, with most of its constituents posting losses. The country’s biggest lender Saudi National Bank fell 2.2% after its intention to redeem its $1.25 billion additional tier 1 sukuk.
Among other losers, oil giant Saudi Aramco slipped 1.8% a day after it snapped an eight-session losing streak.

Meanwhile, Aramco resumed crude oil loadings on Friday at its Ras Tanura terminal, west of the Strait of Hormuz, after they were halted for nearly four months, as oil producers ramped up output and exports ahead of an interim deal.

Dubai’s main share index eased 0.4%, with top lender Emirates NBD losing 1.1% and budget airline Air Arabia down 1.1%.

In Abu Dhabi, the index was down 0.4%, hit by a 1.1% drop in Abu Dhabi Islamic Bank and a 1.7% decline in the UAE’s largest lender First Abu Dhabi Bank .

“While regional uncertainty could continue to weigh on trading activity in the near term, the UAE’s resilient economic fundamentals and strong corporate earnings could help limit downside risks and support a rebound once geopolitical concerns begin to subside,” said George Pavel, general manager at Naga.com Middle East.

The Qatari index fell 0.4%, with energy and real estate stocks leading the losses. Qatar Gas Transport fell 2.3% and Industries Qatar slipped 0.8%.

Outside the Gulf, Egypt’s blue-chip index was down 1%, weighed down by a 2.3% loss in Commercial International Bank and a 2.9% fall in Eastern Company .

Energy shipping in the strait slowed after attacks on a container ship on Thursday and an oil tanker on Saturday sparked tit-for-tat strikes, threatening Washington and Iran’s interim peace deal.

But on Sunday a U.S. official said the two countries had agreed to halt recent hostilities and renew talks over the strategically important waterway.

A fourth Very Large Crude Carrier, capable of carrying 2 million barrels of oil, was seen loading at Saudi Arabia’s Ras Tanura terminal on Monday, LSEG data showed, even after a helicopter belonging to Saudi Aramco crashed on Sunday, killing 14 people. The cause of the crash was unknown.

Three other VLCCs have loaded oil and gone dark since leaving the terminal over the weekend, according to the data. Going dark refers to vessels with their transponders switched off to reduce the risk of attack while sailing through the Gulf.

One of these supertankers emerged on Monday, having exited the strait, and is now heading for Japan, the data showed.

Two VLCCs entered the strait on Sunday and have docked at a United Arab Emirates terminal to load crude, LSEG data showed.

Saudi Aramco declined to comment.

The Abu Dhabi National Oil Co said it does not comment on the position, movements and routing of its vessels as a matter of policy.

Two oil products tankers and a smaller fuel tanker sailed through the strait on Monday, with overall traffic lower than last week. Traffic last week hit its highest level since the conflict began at the end of February, with 29 tankers sailing on June 24, Kpler analysis showed.

Shipping activity remains far off pre-conflict levels of 125 daily sailings.

Iran accelerates oil loadings

Nevertheless, Iran is accelerating oil loadings after Washington waived sanctions on its exports for 60 days.

Tehran loaded simultaneously at both of its export terminals at Kharg Island on Saturday for the first time in nearly a week, according to maritime intelligence firm Windward.

Kpler data showed that Iranian-flagged VLCCs Dan and Hawk entered the strait on Saturday and that about 8 million barrels of Emirati and Qatari crude moved out on four VLCCs over the weekend. The National Iranian Oil Co could not be reached for immediate comment.

Rising exports from the Gulf, a region that accounts for a third of the world’s oil supplies, are sending global oil prices lower, with Brent down 10.6% last week for its third consecutive weekly decline, though the weekend strikes lifted prices on Monday.

“If you take the view that the strait will continue with an uneven reopening in the weeks and months ahead, then crude oil right here is reasonably priced with a downward bias,” said IG markets analyst Tony Sycamore.

“However, if you feel the risks are that one of these weekend flare-ups leads to the conflict re-igniting morebroadly, then crude oil prices here are just way too cheap.”

Qatar and UAE continue LNG exports

On liquefied natural gas, two additional ballast tankers appeared on ship-tracking data in the west of the strait on June 26 after going dark while two other loaded LNG tankers have exited Hormuz.

The Al Kharaitiyat is heading to Kuwait after loading at Qatar’s Ras Laffan terminal while another QatarEnergy-controlled vessel, the Al Kharsaah, is waiting off Qatar, Kpler ship-tracking data showed.

Meanwhile, the ADNOC-controlled Mraweh, which loaded at UAE’s Das Island on June 21, is scheduled to deliver its cargo to the Dahej terminal on India’s west coast on July 5, according to Kpler data. Al Hamla, controlled by QatarEnergy, transporting a cargo loaded at Ras Laffan on June 18, is scheduled to reach China on July 3, LSEG and Kpler data showed.

QatarEnergy did not immediately respond to an email seeking comment.

Crude shipments through the Strait rose this week to their highest level since the Middle East conflict began in February after a ceasefire deal reopened the waterway, data on Thursday showed.

Brent crude, a key catalyst for the Gulf’s financial market, was down 3.4% at $72.72 a barrel by 1110 GMT.

Dubai’s main market index slipped 0.1%, weighed by declines in utility and industrial stocks.

Emirates Central Cooling Systems Corporation fell 1.8%, while state-run Dubai Electricity and Water Authority declined 1.1%.

Diplomatic efforts have helped ease regional tensions, but investors remain focused on geopolitical developments. A recent incident involving shipping in the Strait of Hormuz could inject some caution into sentiment amid ongoing U.S.-Iran diplomatic talks, said Samer Hasn, senior market analyst at XS.com.

However, Abu Dhabi’s benchmark index settled 0.04% up despite trading in negative territory for most of the session, supported by a 2.3% jump in real estate giant Aldar Properties and a 1.9% rise in Abu Dhabi Islamic Bank.

Aldar Properties announced it had sold out Orchids at Yas Acres at the launch, generating more than AED 680 million ($185.15 million).

Dubai’s index fell 2.4%, recording its first weekly decline in more than a month, while Abu Dhabi’s index posted a 1.4% weekly loss, according to LSEG data.

Separately, Saudi Aramco resumed crude loadings on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data showed, as the world’s biggest oil exporter joined a rush to move cargoes amid industry hopes of a return to normal.

The producer is ​offering its al-Shaheen, Marine Qatar ​and Marine Land crude. Buyers can ⁠load or lift via ship-to-ship transfer ​between Fujairah and Sohar, according to a ​tender document seen by Reuters.

The tender will close on June 29.

The offer adds to rising ​supplies from Middle Eastern producers. ​Iraq’s state oil marketer SOMO issued a tender on ‌Thursday ⁠offering to sell Basra Heavy and Basra Medium oil in July.

Earlier, Kuwait Petroleum Corp offered July-loading crude in a ​tender while ​Abu ⁠Dhabi National Oil Co has sold at least 48 million ​barrels of crude via three ​tenders ⁠this month.

Earlier this week, Taiwan’s Formosa bought two million barrels of Qatari al-Shaheen crude.

Middle Eastern producers had been ramping up oil and gas output and exports in the lead-up to the interim deal between the United States and Iran to halt the war and reopen the strait where a fifth of the ​world’s oil and liquefied natural gas supplies used to pass.

Two Very Large Crude Carriers controlled by Saudi’s shipping arm Bahri were seen loading crude ​at Ras Tanura, the world’s biggest oil port, while another waited nearby, the data showed. Each VLCC is capable of loading ⁠2 million barrels of oil.

Saudi Aramco could not be immediately reached for comment outside office hours.

A cargo ship reported a suspected attack as it attempted ​to pass through the Strait of Hormuz close to the coast of Oman on Thursday, British navy agency UKMTO said.

UKMTO paused its operation to escort ships ​through the strait after the attack, reigniting concerns about whether the preliminary deal to end the Iran war will hold.

Two U.S. officials told Reuters that Iran had fired on the ship, while Iran’s Persian Gulf Strait Authority, which Tehran established to manage requests for ships to travel through the strait, said vessels outside routes it has set will not ​be guaranteed safe passage.

Ras tanura port

Ras Tanura sits on Saudi Arabia’s eastern coast on the Gulf and is west of the Strait of Hormuz. It ​used to export more than 5 million bpd of crude before the conflict. The country’s largest domestic 550,000 bpd refinery is also located at Ras Tanura, which was ‌shut during ⁠the war as a precautionary measure.

Aramco last loaded a cargo from the Ras Tanura port for China on March 8, LSEG data showed, and had to divert its exports to the Red Sea port of Yanbu after the Iranian blockade of the Strait of Hormuz during its war with the U.S. and Israel prevented ships from entering the Gulf.

The war has caused Saudi crude exports to slump to about 4 million bpd in the past three months, the ​data showed, from more than 7 ​million bpd in February.

Oil slips on ⁠rising supply

Global oil prices fell more than $1 a barrel on Friday after edging up on the reports of the attack on the cargo ship. Supply pressure is increasing after crude shipments through the strait rose this week to their ​highest level since the conflict broke out.

Iraq’s SOMO and Qatar issued tenders offering crude following similar moves by Kuwait ​and the United Arab ⁠Emirates. Iran is also rushing its exports after Washington temporarily lifted sanctions with two empty VLCCs - Natsumi and Halti - entered the Gulf on Friday to load oil, shipping data showed.

“Two million barrels a day came back online in three weeks, and the recovery is spread across the region,” Rystad Energy’s MENA research director Aditya ⁠Saraswat said ​in a note, adding that the supply picture is clearly improving.

The consultancy now estimates that ​shut-in production across the Gulf has fallen to 9.6 million barrels per day (bpd) in mid-June, down from 11.7 million bpd just three weeks ago, and expects a full supply recovery in the ​region by the end of the year.

The two countries, which concluded a first round of negotiations in Switzerland on Monday, gave conflicting accounts of key elements of the framework agreement signed last week to end the war, including financial incentives for Iran, control of the Strait of Hormuz and Israel’s parallel war in Lebanon.

U.S. President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into “infinity,” while Tehran denied making any such concession, raising doubts about the viability of the fragile peace deal.

Saudi Arabia’s benchmark index fell 0.3%, with Al Rajhi Bank losing 1.4%.

However, Umm Al Qura for Development and Construction Co surged 10% and Dar Al Arkan Real Estate Development Co advanced 5.8%.

The kingdom’s real estate authority has begun accepting applications for foreign real estate ownership, it said in a statement on Tuesday, part of a push to attract foreign investment in the kingdom.

Dubai’s main share index edged 0.1% higher, helped by a 3.5% rise in toll operator Salik Company .

In Abu Dhabi, the index lost 0.3%.

Improving Middle East geopolitics may support GCC equities, helped by rising Strait of Hormuz traffic and stronger export flows despite lower oil prices. However, possible friction in U.S.-Iran nuclear talks could keep sentiment cautious and markets volatile, said Milad Azar, market analyst at XTB MENA.

The Qatari index retreated 0.8%, weighed down by a 1.8% slide in the region’s biggest lender Qatar National Bank .

Markets are now pricing in three Federal Reserve rate hikes this year, a sharp shift from expectations of just one before last week’s policy meeting, according to the CME FedWatch Tool.

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

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

The United States’ waiver on Monday allows Iran to sell oil for 60 days as part of a fledgling peace deal to end the hostilities in the Middle East, triggering a more than 3% drop in oil prices, a catalyst for the Gulf’s financial markets.

U.S. Vice President JD Vance said progress had been made in talks with Iran and that the Strait of Hormuz was open.

On Tuesday, Brent crude futures were down 26 cents, or around 0.3%, at $77.64 a barrel.

Saudi Arabia’s benchmark index dropped 0.4%, hit by a 1.3% fall in petrochemical maker Saudi Basic Industries Corp. Oil major Saudi Aramco was down 0.2%.

The Qatari index was down 0.4%, with Industries Qatar losing 1%.

Investors are watching the diplomatic process closely, with any sign of progress likely to lift sentiment across GCC markets, said George Pavel, general manager at Naga.

Regional equities may also remain driven by oil-market moves with softer crude prices possibly weighing on stocks, though a rebound in Strait of Hormuz shipping and energy exports may help limit the downside, he said, adding that markets would stay alert to further developments in the talks and their impact on traffic recovery.

Dubai’s main share index retreated 1.3%, dragged down by a 2.3% slide in blue-chip developer Emaar Properties .

In Abu Dhabi, the index lost 0.1%.

Also adding to the market pressure globally are increased expectations the Fed might accelerate its rate-hike schedule under the leadership of new Chair Kevin Warsh.

Fed funds futures are pricing an implied 54% probability of at least two 25-basis-point hikes before the end of the year, compared with a 15.2% chance a week ago, according to the CME Group’s FedWatch tool.

Gulf markets tend to track shifts in U.S. monetary policy expectations as most regional currencies are pegged to the dollar.

Outside the Gulf, Egypt’s blue-chip index declined 1.6%.

The first round of talks between senior U.S. and Iranian officials in Switzerland concluded on Monday, mediators said, after a fraught opening marked by Tehran’s renewed closure of the Strait of Hormuz and U.S. President Donald Trump’s repeated threats to resume attacks on Iran.

In a joint statement released by Qatar’s foreign ministry, mediators Qatar and Pakistan said Washington and Tehran had agreed on a 60-day roadmap toward a final deal, with technical talks set to continue through the week.

Dubai’s main share index added 0.3%, helped by a 1.9% rise in top lender Emirates NBD .

In Abu Dhabi, the index gained 0.2%.

Gradual improvement in the Middle East geopolitical backdrop could continue to support investor sentiment. Progress in U.S.-Iran diplomatic talks may help ease near-term concerns, though caution could persist as investors await the next steps after repeated cycles of escalation and de-escalation, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

While lower risks around the Strait of Hormuz are broadly positive for regional stability and local economies, softer crude prices could weigh on energy-heavy markets, he added.

The Qatari index fell 0.3%, hit by a 1.1% slide in the region’s biggest lender Qatar National Bank.

Meanwhile, four Qatar-controlled LNG tankers were heading into the Strait of Hormuz on Monday, even as traffic fell after Iran said it had again closed the waterway over the weekend.

Authorities said 54 people were injured and 18 remain missing after an explosion on Sunday at Ras Laffan, Qatar’s main liquefied natural gas processing site.

Saudi Arabia’s benchmark index closed flat.

Brent crude was down $1.46, or 1.8%, at $79.11 a barrel by 1127 GMT.

Outside the Gulf, Egypt’s blue-chip index fell 0.2%.

Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia’s crude oil exports and output extends back to 2002, the earliest period for which data is available.

The country’s crude oil production stood at 6.316 million bpd in April, the lowest level on record, compared with 6.967 million bpd in March.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the JODI, which publishes them on its website.

In the latest on the geopolitical front, the U.S. and Iran made “encouraging progress” at the first round of talks aimed at reaching a final peace deal, mediators said, although tension persisted over Lebanon and the Strait of Hormuz.

Indonesia’s January-May crude oil production at 576,200 bpd, regulator says

Iranian attacks on Gulf states in response to U.S.-Israeli strikes that began in late February damaged major energy facilities and disrupted shipping through the strait, which normally carries about 20% of global oil and liquefied natural gas flows.

The International Energy Agency estimated that the war blocked more than 14 million bpd of Middle East oil output.

Meanwhile, the U.S. has become the world’s largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens U.S. companies’ grip on energy markets as the war reshapes global energy trade.

Saudi Arabia’s refinery crude throughput in April fell by 0.055 million bpd to 2.211 million bpd from March’s 2.266 million bpd, the JODI data showed. Direct crude burning increased by 210,000 bpd to 540,000 bpd.

U.S. and Pakistani leaders signaled that a long-awaited framework agreement to end months of fighting between the United States and Iran could be signed on Sunday, with Qatari negotiators flying to Tehran to help finalize the deal.

However, Iran cast doubt on the timing, saying no final decision had been made as political, legal and technical reviews continued.

Saudi Arabia’s benchmark index rose 0.6%, with Saudi Arabian Mining Company advancing 5.2%, though oil major Saudi Aramco declined 1.1%.

On Friday, Brent futures settled at $87.33 a barrel, down $3.05, or 3.37%.

Elsewhere, Kingdom Holding gave up early gains to close 6.4% lower.

Saudi billionaire Prince Alwaleed bin Talal’s investment firm said it held 42.4 million Class A common shares in SpaceX, valued at 16.76 billion riyals ($4.47 billion), as of its March 31 financial statements.

In Qatar, the index closed 1.9% higher, led by a 3.8% rise in the Gulf’s biggest lender Qatar National Bank .

Outside the Gulf, Egypt’s blue-chip index climbed 2.3%, as most of its constituents were in positive territory.

A memorandum between the U.S. and Iran to halt the war could be signed as soon as Sunday, a Western source told Reuters on Friday, with Geneva emerging as the most likely venue.

Dubai’s main index recorded its best performance in over two months, rising 3.8% in broad-based gains.

Blue-chip developer Emaar Properties climbed 8.3%, while top lender Emirates NBD Bank closed with an 8% rise.

Emaarannounced plans on Thursday for a nearly $55 billion urban district in Dubai, betting that the emirate’s property market can absorb the shock of regional conflict and sustain the foreign demand that powered record transactions in 2025.

UAE equities rallied strongly in response, with investors repositioning towards a normalisation scenario after weeks of repeated cycles of escalation and de-escalation that fuelled volatility, said Hani Abuagla, senior market analyst at XTB MENA.

“The energy sector could also see an improved outlook as the reopening of the Strait of Hormuz would restore export flows and normalise operating conditions”, he added.

Abu Dhabi’s benchmark index advanced 2.7%, buoyed by a 6.9% increase in the UAE’s biggest lender First Abu Dhabi Bank and a 7.5% hike in real estate giant Aldar Properties.

Abu Dhabi Ports Company surged 8% after its subsidiary Black Caspian sweetened a Mandatory Tender Offer (MTO) to acquire a majority stake in Egypt-listed Alexandria Container and Cargo Handling, raising the offer price to EGP 27.47 per share ($0.5290).

Oil prices - a key catalyst for the Gulf’s financial market - slipped 3.4% to $87.29 a barrel by 1144 GMT.

On a weekly basis, Dubai’s index advanced 3.2% and Abu Dhabi’s added 2%, according to data compiled by LSEG.

The U.S. and Iran traded airstrikes for a second straight day, with the latest escalation having been triggered earlier this week by the downing of a U.S. Apache helicopter near the Strait of Hormuz, which set off reciprocal strikes across Iran and against U.S. bases in the region.

Tehran closed the Strait of Hormuz after the U.S. strikes.

Dubai’s main share index declined 0.4%, with blue-chip developer Emaar Properties losing 2.4%.

In Abu Dhabi, the index eased 0.3%.

The Qatari index was down 0.3%, weighed down by a 1.5% slide in the Gulf’s biggest lender Qatar National Bank .

Geopolitical tensions continue to weigh on sentiment, but indications that diplomatic talks remain active have helped cushion the impact despite lingering escalation risks, said Joseph Dahrieh, managing director at Tickmill.

Saudi Arabia’s benchmark index reversed early losses to finish 0.3% higher, helped by a 0.4% gain in oil major Saudi Aramco.

Meanwhile, Brent futures fell $1.10, or 1.2%, to $92 a barrel by 1206 GMT, as traders assessed the actual impact of the renewed hostilities on supply.

Outside the Gulf, Egypt’s blue-chip index retreated 0.9%.

Iran’s Revolutionary Guards said they attacked a U.S. base in Jordan and 21 other Gulf targets in retaliation for American strikes near the Strait of Hormuz, Iranian media reported.

The U.S. military said on X that it struck Iranian air defense systems, ground control stations and surveillance radar sites near the strait after President Donald Trump said Iran had downed a U.S. Apache helicopter on Tuesday.

The clashes mark one of the biggest exchanges of hostilities since the two countries agreed to a ceasefire in April, deepening doubts about prospects for a deal to end the war which began on February 28.

Saudi Arabia’s benchmark index fell 0.9%, pressured by a 2.3% fall in the country’s biggest lender by assets Saudi National Bank and a 0.4% decrease in oil major Saudi Aramco.

Meanwhile, Brent futures were up $1.74, or 1.9%, at $93.19 a barrel by 1127 GMT.

Dubai’s main share index lost 0.5%, with top lender Emirates NBD falling 1.3% and blue-chip developer Emaar Properties losing 1.4%.

In Abu Dhabi, the index was up 0.2%.

GCC stock markets have come under pressure as recent military incidents make investors cautious, though hopes that tensions will remain contained and diplomacy can advance may limit the broader impact on sentiment, said Milad Azar, market analyst at XTB MENA.

The Qatari index reversed early losses to close 0.1% higher, helped by a 0.8% rise in the Gulf’s biggest lender Qatar National Bank .

Outside the Gulf, Egypt’s blue-chip index retreated 2.1%.

Apart from the annual Riyadh event, the initiative organizes economic gatherings throughout the world to try to attract foreign investment.

The leadership change, shown on the institute’s website, precedes a conference the institute is holding in Rome later this month and follows its Miami event in March, which was attended by U.S. President Donald Trump.

The princess, who trained as a doctor, served as vice president of External Relations and Advancement at Alfaisal University in Riyad, and has represented Saudi Arabia at major international forums, including the G20, and the fourth Eurasian Women

Saudi PIF assets reach $910bn in 2025, below Vision 2030 target

Richard Attias, the institute’s founder and longtime chief executive, is no longer CEO, but retains the title of chairman to the executive committee, the website shows.

Established in 2019 with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, as its founding partner, the Institute grew out of the Future Investment Initiative Institute annual conference, which was first convened in Riyadh in 2017.