DUBAI: Gulf stock markets closed mixed on Monday as investors awaited clarity on reports of US-Iran ceasefire talks that came after US President Donald Trump warned Tehran of “hell” unless the Strait of Hormuz was reopened.
Trump warned in an expletive-laden Easter Sunday social media post that he would order strikes on Iran’s power plants and bridges on Tuesday if the strategic waterway was not reopened.
The United States and Iran have received the framework of a plan to end hostilities, but Tehran rejected an immediate reopening of the Strait of Hormuz after President Donald Trump threatened to rain “hell” on Iran if it failed to reach a deal by the end of Tuesday.
Brent crude futures inched 36 cents lower, or 0.33 percent, to USD108.67 a barrel at 1222 GMT.
Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 0.7 percent fall in the country’s biggest lender by assets Saudi National Bank.
Elsewhere, oil major Saudi Aramco fell 0.2 percent.
GCC markets posted mixed performances as geopolitical uncertainty kept investors on the sidelines. In the near term, trading is likely to remain cautious and highly responsive to headlines surrounding regional tensions, said Joseph Dahrieh, Managing Director at Tickmill.
Dubai’s main share index dropped 0.7 percent, weighed down by a 3 percent slide in Emaar Properties.
In Abu Dhabi, the index gained 0.3 percent.
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