Mideast Stocks: Most Gulf Shares Retreat As Iran-US Diplomacy Stalls

Most major Gulf stock markets were subdued in early trading on Wednesday after Iran said it would not hold talks with Washington to end their war until its demands are met.

Iran told Pakistan's army chief, Field Marshal Asim Munir, who was in Tehran as part of the mediation efforts, of the country's position, Iranian semi-official Nournews reported on Tuesday.

Pakistan, a key US-Iran mediator, helped secure the interim Islamabad Memorandum in June. It faltered within weeks as fighting resumed.

Saudi Arabia's benchmark index fell 0.1%, with Alinma Bank retreating 3.6%, after the lender reported a drop in third-quarter profit.

However, oil major Saudi Aramco rose 0.2% as Brent crude futures climbed $1.61, or 1.5%, to $110.40 per barrel as of 0630 GMT.

The Houthis claimed attacks on Saudi energy, airport and military sites on Monday, among them an Aramco facility in Yanbu, the Shaybah oilfield and airports in Riyadh and Abha.

Iran has had no reply from Saudi Arabia or Yemen's Houthis to its offer to help broker talks to end their fighting, Foreign Minister Abbas Araqchi said in a television interview aired on Tuesday.

Dubai's main share index eased 0.2%, with blue-chip developer Emaar Properties losing 0.5%, while the Abu Dhabi index fell 0.6%.

Shiptracker Kpler recorded at least 18 vessel attacks in the past two weeks, while LSEG analysts said Iran is hitting tankers well beyond the Strait of Hormuz, into the Gulf of Oman, jeopardising Gulf crude loadings and ship-to-ship transfers.`

The Qatari index advanced 0.6%, on course to snap a five-session losing streak.