Gulf equities subdued as Hormuz uncertainty caps ceasefire optimism

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Most Gulf equities were subdued in early trading on Sunday as renewed uncertainty over the Strait of Hormuz and the state of U.S.-Iran talks dampened optimism over a fragile ceasefire, with Tehran saying talks had progressed but major gaps remained.Iran said on Saturday it was tightening control over the Strait of Hormuz and warned mariners that the vital energy route was closed again, while President Donald Trump said Tehran could not blackmail the United States by shutting the waterway.Neither side disclosed details on the state of negotiations on Saturday, just days before a ceasefire in the U.S.-Israeli war against Iran is due to expire.Now in its eighth week, the war has killed thousands, spilled over into Israeli strikes in Lebanon and driven up oil prices as the de facto closure of the Strait of Hormuz disrupts a route that carried about one-fifth of global oil shipments before the conflict.Saudi Arabia's benchmark index TADAWUL:TASI fell 0.3% in a choppy trade, hit by a 0.7% drop in oil major Saudi Aramco TADAWUL:2222.On Friday, oil prices settled roughly 9% lower after Iran said commercial shipping could resume through the Strait of Hormuz for the duration of the ceasefire, and Trump said Tehran had agreed not to close the waterway again.In Qatar, the index QSE:GNRI lost 0.2%, with telecoms firm Ooredoo QSE:ORDS falling 1.5%.

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