Mideast Stocks: Most Gulf Bourses Subdued As Investors Await Strait of Hormuz Deal Clarity

Most Gulf stock markets ended subdued on Sunday as investors awaited clarity on Oman's proposed deal for new shipping lanes through the Strait of Hormuz.

 Iran said on Sunday that a deal with Oman to designate new shipping lanes in the waterway was in its final stages, but said it would reopen only after the United States met further conditions.

 A U.S. official told Reuters on Friday that the agreement was close and could reopen the strait, which handled about one-fifth of global oil and liquefied natural gas shipments before Iran closed it after U.S. and Israeli attacks on February 28. 

Saudi Arabia's benchmark index added 0.1%, helped by a 1.9% rise in Saudi Arabian Mining Company. 

Yemen's Iran-aligned Houthi movement said it targeted Saudi Aramco's Jazan refinery on Sunday, two days after Saudi Arabia signed a defence pact with Turkey and Pakistan amid rising regional tensions stemming from the U.S.-Israeli war on Iran. 

In Qatar, the index eased 0.1%, hit by a 0.9% fall in petrochemical maker Industries Qatar . On Friday, Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3%. Outside the Gulf, Egypt's blue-chip index, however, gained 0.8%. 

Saudi Arabia added 0.1% to 10,817 Qatar eased 0.1% to 10,100 Egypt rose 0.8% to 55,125 Bahrain down 0.4% to 1,956 Oman was up 0.4% to 7,396 Kuwait added 0.1% to 9,307.

​