Gulf markets mixed as oil slides, investors assess Iran diplomacy

Business Recorder reported that Gulf stock markets closed mixed on Wednesday, as traders considered tougher economic measures aimed at Iran alongside signs of progress in talks mediated by Pakistan. Oil prices dropped after hopes emerged that the Hormuz waterway might reopen, with Brent crude sliding more than 2% to $86.43 a barrel by 1230 GMT.

Iran said it had restarted discussions with Oman about governing the waterway, while Washington, which earlier this week warned it would punish countries that keep doing business with Iran, indicated that sanctions would not take effect straight away. Speaking on Tuesday after a trip to Tehran, Pakistan's interior minister said both sides had made significant progress toward a peace path in the conflict involving the United States and Israel.

Regional indexes were mixed. Saudi Arabia's main index climbed 0.3%, with Etihad Etisalat Company up 3.1%, while Dubai's gauge advanced 0.6% with communications and industrial stocks leading the gains, and ALEC Holdings jumped 7.9%. Qatar's index rose 0.7% with nearly all constituents higher, whereas Abu Dhabi's benchmark dipped 0.3% as ADNOC Gas lost 1.5%. Egypt's blue-chip index eased 0.3%, as healthcare and property shares weighed on it.