DUBAI: Most Gulf equity markets closed lower on Tuesday as investors grew cautious amid progress in US-Iran talks and mounting expectations that the Federal Reserve could take a more aggressive stance against inflation later this year.
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 percent drop in oil prices, a catalyst for the Gulf’s financial markets.
US 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 percent, at USD77.64 a barrel.
Saudi Arabia’s benchmark index dropped 0.4 percent, hit by a 1.3 percent fall in petrochemical maker Saudi Basic Industries Corp. Oil major Saudi Aramco was down 0.2 percent.
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