UAE markets decline after warning on regional air travel

Business Recorder reported that UAE equity markets slipped slightly on Friday, erasing early gains. The fall followed a warning from Mokhber, an adviser to Iran's leader, who said that if Iran could not operate flights and receive airport services, nobody in the region could either. His remarks were carried by Nournews.

Flights to and from Iran were halted at all four Iraqi airports serving the route, namely Baghdad, Najaf, Erbil and Sulaimaniya, according to sources and state media. In Abu Dhabi, the benchmark index lost 0.1%, with National Bank of Fujairah down 4.8% and Abu Dhabi National Hotel off 1%. Dubai's main index eased 0.05%, weighed by declines of 0.7% at Salik Company and 2.6% at Talabat Holding.

Energy shares bucked the trend, with Adnoc Gas up 0.3% and Adnoc Drilling Company rising 0.4% on hopes for better Middle East energy supplies. A US official told Reuters that about 60 commercial vessels passed through the Strait of Hormuz on Wednesday, the largest daily crude volume since early July, despite the continuing conflict between the US and Iran. Oil nonetheless fell more than 1% on Friday, with Brent down 1.5% at $105 a barrel by 1141 GMT, as traders weighed a possible truce against worries that Houthi attacks on Saudi Arabia could disrupt supply.