Mideast Stocks: Most Gulf Bourses Fall on US Tariff Concerns, Weaker Oil

Gulf stocks dipped across key markets on Tuesday as investors weighed concerns over U.S. trade policy ahead of a looming tariff deadline and weaker oil prices over strong corporate earnings.

The European Union is exploring broader counter-measures against the U.S. as prospects of an acceptable trade agreement with Washington fade, according to EU diplomats.

U.S. President Donald Trump's imposition of tariffs around the world risks hurting global economic growth and oil consumption.

Saudi Arabia's benchmark index retreated 0.3%, pressured by broad sector declines and falling oil prices, after snapping its longest downturn in nearly two years in the previous session.

Oil behemoth Saudi Aramco slid 0.5%.

Oil - a key catalyst for Gulf markets - fell on concerns that the brewing trade war between major crude consumers, the U.S. and the EU, will curb fuel demand growth by dampening economic activity.

Dubai's main share index slipped 0.5%, on track for a second straight session of losses as investors remained cautious ahead of key earnings and locked in profits following a multi-year rally.

Dubai Islamic Bank, the index heavyweight, dropped 1% and budget carrier Air Arabia fell over 2.5%, ending a five-session winning streak.

In Abu Dhabi, the index was under pressure as a wave of earnings releases this week kept many investors on the sidelines.

Qatar's stock index pulled back from near a two-year peak, weighed down by a 0.4% decline in AlRayan Bank.