DUBAI: Most Gulf stock markets closed lower on Thursday as tanker attacks in the Strait of Hormuz hit a wartime high, deadly strikes on Saudi airports widened the conflict and stalled US-Iran diplomacy offered investors little relief.
The latest attack came on Wednesday, when a tanker was hit by multiple projectiles 51 nautical miles north of Qatar’s Madinat ash Shamal, causing casualties, according to the United Kingdom Maritime Trade Operations (UKMTO).
The surge in attacks came just as Gulf producers were pushing to export more.
Saudi Arabia’s benchmark index ended a sixth consecutive week in the red after falling 1.6 percent, its biggest one-day decline since March. Saudi National Bank, the country’s largest lender by assets, lost 3.1 percent.
In Abu Dhabi, the index lost 1.6 percent, while Dubai’s main share index shed 1.7 percent.
Qatar’s benchmark index sank to its lowest level since the pandemic-driven selloff of June 2020, closing down 2.2 percent. The biggest drag was a 2.9 percent slide in Qatar National Bank (QNB), the Gulf’s largest lender.