Gulf stocks fall on fading prospects of US-Iran deal
- Dubai’s main share index dropped 0.4%
Gulf stock markets closed lower on Tuesday as optimism over a potential U.S.-Iran agreement faded, reducing hopes for an end to the conflict and the full restoration of shipping through the Strait of Hormuz.
Sentiment weakened after U.S. President Donald Trump demanded compensation for U.S. losses linked to past wars, attacks, and protests, a position seen as making any diplomatic progress more difficult.
Saudi Arabia’s benchmark index eased 0.1%, with Saudi Arabian Mining Company losing 1.2%.
Adding to regional concerns, oil major Saudi Aramco postponed the restart of its 400,000-barrel-per-day Jazan refinery to August 30, following Yemen’s Houthis saying they had attacked the facility on Sunday.
Aramco shares were down 0.1%.
Brent crude futures fell 21 cents, or 0.24%, to $87.51 a barrel by 1138 GMT.
Dubai’s main share index dropped 0.4%, hit by a 2.4% slide in top lender Emirates NBD.
In Abu Dhabi, the index was down 0.8%, hit by a 0.6% fall in ADNOC Gas.
On the other hand, ADNOC Logistics & Services gained 3.6% after the company raised its 2026 profit guidance for the third time on Tuesday, following a 300% surge in second-quarter profit.
The strong performance was driven by higher shipping charter rates and record operational activity.
The Qatari index retreated 0.8%, with the Gulf’s biggest lender Qatar National Bank falling 1.2%.
Outside the Gulf, Egypt’s blue-chip index eased 0.1%.
| Saudi Arabia | fell 0.1% to 10,833 |
|---|---|
| Abu Dhabi | slid 0.8% to 10,008 |
| Dubai | dropped 0.4% to 5,880 |
| Qatar | down 0.8% to 10,018 |
| Egypt | eased 0.1% to 54,829 |
| Bahrain | lost 0.1% to 1,956 |
| Oman | gained 0.5% to 7,467 |
| Kuwait | declined 0.3% to 9,288 |
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