Mideast Stocks: Gulf Stock Markets Muted As Investors Assess Fresh US Measures on Iran

Gulf stock markets were largely rangebound in early trade on Tuesday as investors assessed fresh U.S. economic pressure on Iran and signs of progress in Pakistani-mediated talks with Tehran.

U.S. Treasury Secretary Scott Bessent announced new measures on Monday, but stopped short of imposing the harshest sanctions. He said countries continuing to trade with Iran could risk being excluded from the dollar-based financial system.

Pakistan and Iran made "significant progress" in talks focused on the U.S.-Israeli war on Iran and efforts to secure peace, Pakistan's interior minister said on Tuesday following a visit to Tehran.

Saudi Arabia's benchmark stock index was little changed, as declines in energy, utilities and healthcare stocks offset gains elsewhere.

Oil giant Saudi Aramco fell 0.5%, while National Shipping Company of Saudi Arabia, known as Bahri, lost 1.3%. Bahri said on Monday one of its vessels, the Amzan, had come under attack in the Red Sea. Rasan Information Technology rose 4%.

Dubai's main index slipped 0.1%, weighed down by financial and consumer discretionary shares. Dubai Islamic Bank fell 1.2%, while budget carrier Air Arabia declined 0.9%.

Abu Dhabi's benchmark index climbed 0.1%, supported by a 0.6% gain in conglomerate Alpha Dhabi Holding and a 1.1% rise in Space42.

Qatar's benchmark rose 0.3%, with most sectors trading higher. Doha Bank climbed 3.3% and telecommunications company Ooredoo gained 1.7%.

Iraq's state oil marketer SOMO and Qatar Energy are offering crude through rare tenders requiring buyers to load cargoes within the Strait of Hormuz, multiple trade sources said on Monday.