Mideast Stocks: Most Gulf Markets Fall on Report Strait of Hormuz To Stay Closed

Most Gulf bourses closed lower on ​Sunday after ⁠a report Iran was keeping the ‌Strait of Hormuz closed left investors doubting progress ​was being achieved towards peace in the region. 

U.S. ​and Iranian ​negotiators began peace talks in Switzerland on Sunday. At the same time, Iran's ⁠Tasnim news agency reported, citing a source close to the negotiating team, that the Strait of Hormuz would stay ​closed ‌unless the Lebanon ⁠ceasefire held ⁠and waivers for Iranian oil sales were granted. U.S. ​officials challenged the Iranian ‌claims over the closure.

Saudi ⁠Arabia's benchmark index dropped 0.4%, with Saudi Arabian Mining Company losing 2% and the country's biggest lender by assets Saudi National Bank down 0.6%.

In Qatar, the index lost 0.3%, hit by a 0.8% slide in the Gulf's biggest ‌lender Qatar National Bank .

Outside the Gulf, ⁠Egypt's blue-chip index added 0.1%.

Saudi ​Arabia down 0.4% to 110,77

Qatar lost 0.3% to 10,481

Egypt added 0.1% to 52,679

Bahrain added 0.1% to 2,030

Oman declined ​1.2% ‌to 7,505

Kuwait lost 0.2% to 9,207