Mideast Stocks: Most Gulf Markets Fall on US-Iran Hostilities

Major Gulf equity markets opened lower on Tuesday after Washington reinstated its ​naval blockade against ⁠Iran, with both nations escalating military strikes around ‌the Strait of Hormuz, intensifying concerns over global energy supply disruptions.

The ​U.S. military launched strikes against Iran for a third straight ​night on Monday, ​while President Donald Trump restored a blockade on Iranian shipping and suggested imposing a 20% ⁠fee for protecting the Strait of Hormuz.

Dubai's main share index dropped more than 1%, with top lender Emirates NBD gaining 1.2%.

In Abu Dhabi, the index eased 0.3%.

The ​United ‌Arab Emirates Ministry ⁠of Defence ⁠said on Monday two Emirati tankers were struck by Iranian ​cruise missiles in the southern lane of ‌the Strait of Hormuz, within ⁠Omani territorial waters, killing one Indian crew member and injuring eight others.

Shipping data released Monday also showed that tanker traffic through the Strait of Hormuz over the previous day had dropped to its lowest level in two months.

Saudi Arabia's benchmark index lost 0.2%, hit by a 0.5% fall in Al Rajhi Bank .

Meanwhile, ‌Yemen's Houthi movement fired missiles at Saudi Arabia ⁠after accusing the kingdom of bombing ​an airport under its control on Monday.

Oil major Saudi Aramco gained 0.8% as oil prices rose.

Brent crude futures were ​last ‌up $1.90, or 2.3%, to $85.20 per barrel at ⁠0630 GMT.