Mideast Stocks: Most Gulf Bourses Subdued on Falling Oil Prices

Most Gulf stock markets were subdued in early trade on Tuesday as oil prices fell ahead of possible three-way talks involving Moscow, Kyiv and Washington to end the war in Ukraine.

Oil prices, a catalyst for the Gulf's financial markets, slid 1% as investors weighed the possibility of a peace deal between Russia and Ukraine, which would likely lead to the lifting of sanctions on Russian crude.

Brent crude was trading at $65.97 a barrel, as of 0745 GMT.

Saudi Arabia's benchmark stock index fell 0.2%, with most constituents trading lower. Dar Al Arkan Real Estate lost 1.3% and Saudi Arabian Mining declined 0.9%.

Company For Cooperative Insurance rose 1.1% after it won a contract from National Water Company.

The Qatari benchmark index slipped 0.4%, dragged down by declines in most constituents. Commercial Bank eased 1.3% and Industries Qatar fell 0.8%.

The Abu Dhabi benchmark index was down 0.1%, pressured by a 1.2% fall in Abu Dhabi Islamic Bank. ADNOC Distribution shed 0.5% and ADNOC Logistics declined 0.8%.

Meanwhile, Santos said the Abu Dhabi National Oil Company (ADNOC)-led consortium will not be able to finalise its $18.7 billion bid for the Australian gas producer for at least a month, well past the exclusive due diligence deadline.

Dubai's benchmark stock index traded in a narrow range as gains in consumer staples and real estate stocks countered losses in most other sectors.

Emaar Properties gained 0.7% and Spinneys 1961 Holding advanced 3.3%, while Emirates NBD , Dubai's largest lender, dropped 1.3%.