Gulf bourses slide as Hormuz tensions and houthi strikes rattle traders

Business Recorder reported that most Gulf stock markets ended Sunday lower as traders assessed risks around the Strait of Hormuz and Houthi attacks on Saudi Arabia. Iran’s navy said a mine hit three oil tankers in the strait on Saturday, setting them ablaze. Saudi Arabia’s index fell 0.7% to 10,258, while Qatar’s dropped 1.8% to 9,848.

The Saudi-led coalition said it intercepted two missiles aimed at Riyadh and three drones over the kingdom’s Eastern Province. Qatar’s market fell broadly, with Qatar National Bank down 2.3%; separately, a long-term Gulf LNG supply contract was cancelled after Qatar invoked force majeure, and analysts said Poland’s Orlen could save up to $2 billion. Elsewhere, Egypt rose 0.3%, while Bahrain, Oman and Kuwait declined.