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DUBAI: Most Gulf equity markets ended lower on Monday after US President Donald Trump dismissed an Iranian proposal to reopen the Strait of Hormuz.
Iran said diplomacy remained the only path forward, having put its UN-announced framework to Washington through Qatari intermediaries. Trump dismissed the overture as a sign of Iranian desperation.
Saudi Arabia’s benchmark index dropped 1percent, hit by a 1.7percent slide in Saudi National Bank, the kingdom’s biggest lender by assets.
Oil major Saudi Aramco retreated 1.1percent.
Saudi Foreign Minister Prince Faisal bin Farhan arrived in Washington on Monday for talks with US Secretary of State Marco Rubio, state media reported.