Business
Most Gulf markets ease on fears of broader Iran conflict
Most Gulf markets ease on fears of broader Iran conflict
About this update from Al Rajhi Bank
Most Gulf stock markets slipped in early Sunday trading as fears of a broader Iran-linked conflict weighed on investor sentiment after Yemen's Houthis launched their first attacks on Israel since the conflict began and the U.S. deployed additional forces to the Middle East.The Washington Post reported on Saturday that U.S. officials said the Pentagon was making preparations for a potential multi-week ground operation in Iran, though it remained uncertain whether President Donald Trump would authorize the deployment of ground forces.The Qatari index QSE:GNRI lost 1.1% as Qatar National Bank QSE:QNBK, the Gulf's biggest lender by assets, declined by 1.3% while the Kuwait bourse (.BKP) eased by 0.4% and the Bahrain market BAHRAIN:BHBX dipped by 0.1%.Saudi Arabia's benchmark index TADAWUL:TASI bucked the trend with a 0.4% gain, helped by a 0.4% rise for Al Rajhi Bank TADAWUL:1120 and a 0.6% advance for oil major Saudi Aramco TADAWUL:2222.Saudi Arabia's East-West pipeline, which circumvents the Strait of Hormuz, is pumping oil at full capacity of 7 million barrels per day, Bloomberg News reported on Saturday, citing a person familiar with the matter.Brent crude futures ICEEUR:BRN1! rose by $4.56, or 4.2%, to $112.57 a barrel on Friday, reflecting scepticism over prospects for a ceasefire in the month-old Iran war.