Most Gulf markets ease as Iran tensions, Hormuz shipping disruptions weigh

According to Business Recorder, most Gulf equity markets traded lower in early Monday dealings as stalled talks between Washington and Tehran revived fears of a prolonged Middle East conflict. Shipping through the Strait of Hormuz stayed severely disrupted, with Kpler data showing only five commodity vessels transiting on Saturday and none on Sunday. Harsh rhetoric persisted after Iran urged the United States to admit defeat, while President Donald Trump described Tehran as deeply malign and told citizens to prepare for elevated fuel prices.

Saudi Arabia's benchmark index slipped 0.2%, weighed down by a 0.5% drop in Al Rajhi Bank and a similar decline in Saudi Aramco. Qatar's benchmark fell 1% with almost every constituent in negative territory, while Qatar National Bank, the largest lender in the region, dropped 1.8%. In Dubai, the main share index edged down 0.1%, with Emirates NBD losing 1.3%.

Abu Dhabi bucked the trend, with its index up 0.1%, lifted by a 14.9% surge in Abu Dhabi Ports. The gain followed L'IMAD's plan to take the company private through a voluntary conditional cash offer of 6.25 dirhams per share. L'IMAD, which owns 75.42% through its subsidiary ADQ, made the offer public in a statement.