Gulf markets retreat as traders await Trump’s next move on Iran

DUBAI: Most Gulf stock markets started Sunday on the back foot as investors awaited indications on whether US President Donald Trump will order fresh attacks on Iran.

Saudi Arabia’s benchmark index dropped 1 percent, weighed down by a 0.6 percent fall for Al Rajhi Bank and a 1.1 percent decline for Saudi Arabian Mining Company.

Blasts struck several sites across southern Iran on Saturday night, Qeshm Island among them, according to state broadcaster reports.

The IRGC Navy then reported two burning tankers after mine hits on a route it labeled off-limits, though it’s unclear whether the sea and land incidents are connected.

Meanwhile, US Central Command says an American aircraft opened fire on and disabled a merchant ship that tried to defy the US blockade of Iran on Saturday.

Further west, the Saudi-led coalition fighting the Houthis says it downed two ballistic missiles aimed at Riyadh.

Qatar’s index slid 1.3 percent.

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani told Al Jazeera on Saturday that Doha is still mediating between Washington and Tehran to keep the regional crisis from escalating.