Gulf markets gain on hopes Iran strikes will stay off the table

Gulf stock markets mostly advanced on Monday after US President Donald Trump indicated that further strikes on Iran were unlikely if negotiations continued. Saudi Arabia’s index rose 0.9%, Dubai gained 1%, Abu Dhabi added 1% and Qatar climbed 0.9%, while Bahrain ended unchanged and Oman fell 0.4%.

The gains came amid reports of attacks on shipping near the Strait of Hormuz, a route that carried nearly a fifth of global crude before the conflict. Saudi shares included a 1.9% rise for Al Rajhi Bank, while Emaar Properties added 2.4% in Dubai; in Egypt, fertilizer makers fell after producers were told their gas supplies would be cut by a further 33%. Business Recorder reported that regional economic data also supported investor sentiment, although officials warned of continued uncertainty.