BENGALURU: Most Gulf markets fell on Wednesday as escalating regional risks kept investors cautious, while Saudi Arabia’s bourse was flat as reports of additional crude cargoes via Oman eased fears of wider Middle East supply disruptions.
Saudi warplanes struck Yemen, while Houthi fighters launched drones and missiles at Saudi cities, the Iran-backed group said on Wednesday, following a swift advance that has expanded Tehran’s influence in the wider Middle East conflict.
Riyadh said it downed a Houthi drone south of Mecca before it entered restricted airspace, calling the incident a “red line.” The Houthis denied targeting the holy city, dismissing the claim as propaganda.
Saudi Arabia’s benchmark index finished flat, with oil major Saudi Aramco gaining 0.6 percent.
The kingdom is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman’s Sohar port, after drone attacks damaged a key pipeline linking its oil fields to the Red Sea, according to people familiar with the matter.
Qatar’s benchmark index declined 1.4 percent, with all constituents in negative territory including Qatar Islamic Bank, which was down 2.4 percent.
In Abu Dhabi, the index edged down 0.2 percent.
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