Major Gulf stock markets were little changed in early trading on Thursday as investors monitored Iran-Oman negotiations aimed at restoring shipping through the Strait of Hormuz, while reported attacks on Saudi oil tankers in the Red Sea and Gulf of Aden kept geopolitical tensions firmly in focus.
Iran said it had reached an agreement with Oman on the coordinates of a shipping route through the Strait of Hormuz and added that a joint announcement could be made soon unless external parties intervene.
The proposed arrangement forms part of a broader Iran-Oman initiative aimed at easing tensions between Tehran and Washington. According to Reuters, the framework could give Iran a role in overseeing vessels entering the Gulf, a development that would mark a significant shift in one of the world’s most important energy corridors.
US President Donald Trump has said an agreement to reopen the strategic waterway may be close, but US officials have rejected any proposal that would grant Iran authority over maritime traffic. Tehran has also warned Gulf states that any renewed US military strike could trigger attacks on critical regional energy infrastructure.
Saudi Arabia’s benchmark stock index edged 0.1% higher, supported by a 1.2% gain in Saudi National Bank, the kingdom’s largest lender by assets.
Meanwhile, Yemen’s Iran-backed Houthi movement claimed responsibility for missile attacks targeting Saudi oil tankers near the Red Sea port of Yanbu and in the Gulf of Aden, raising fresh concerns over the security of key shipping routes.
Dubai’s main share index fell 0.7%, weighed down by a 2% decline in blue-chip property developer Emaar Properties.
Abu Dhabi’s benchmark index slipped 0.1%, while Qatar’s main index lost 0.2%, with petrochemical producer Industries Qatar falling 0.7% as investors remained cautious amid the evolving geopolitical landscape.
Goodness Anunobi
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