DUBAI: Gulf stock markets ended mixed on Monday as optimism over the potential for reopening of the Strait of Hormuz was complicated by Iran’s demand for US concessions, including compensation for strikes on its territory.
A US official said Iran and Oman were close to a deal to reopen the Strait, which carried a fifth of global oil and LNG flows before Iran’s blockade following US-Israeli strikes. But Tehran’s demand for further concessions kept the outlook uncertain.
In a further blow to supply security, Iran-aligned Houthis said they struck Saudi Aramco’s Jazan refinery on Sunday, just two days after Saudi Arabia signed a defence pact with Turkey and Pakistan amid escalating regional instability.
Saudi Arabia’s benchmark index still added 0.3 percent, helped by a 5.4 percent rise in Saudi Arabian Mining Co after reporting a steep increase in quarterly profit.