Mideast Stocks: Saudi Shares Fall As Gulf Trade Stays Cautious

Saudi stocks retreated on Monday after a fresh attack weighed on sentiment, while several Gulf markets also ended lower as investors held back from big bets amid uncertainty over the US-Iran conflict.

Saudi Arabia's benchmark index dropped 0.7%, with Saudi National Bank - the country's biggest lender by assets - losing 1.2%. 

However, oil major Saudi Aramco gained 0.2%. Brent crude reversed earlier losses to rise $1.24, or 1.2%, to $106.19 a barrel by 1124 GMT, as attacks on Saudi Arabia outweighed hopes of extra supply after US President Donald Trump hailed fresh Russian diesel exports and a Russia-Ukraine energy ceasefire. Airlines are cancelling flights to Saudi Arabia and neighbouring countries after Yemen's Iran-aligned Houthis attacked Riyadh airport over the weekend, deepening regional disruption caused by the Iran conflict. 

There was little sign of a diplomatic breakthrough in the US-Iran standoff over the Strait of Hormuz. State media on Sunday quoted Iran's security chief, Mohsen Rezaei, as saying the US had given an "insufficient" response to Tehran's seven conditions for reopening the vital waterway. The attacks also affected a major oil industry event in the kingdom, with a company spokesperson saying on Sunday BP's CEO would not attend the World Petroleum Council Energy Congress in Riyadh.

 The Saudi energy ministry said the five-day conference went ahead as scheduled at a convention centre around 10 km (6.2 miles) from the targeted airport. Dubai's main share index added 0.3%, while the Abu Dhabi index dropped 0.3%. In Qatar, the index advanced 1.2%, recouping part of the 1.5% loss from the previous session. 

Outside the Gulf, Egypt's blue-chip index retreated 1.1%. 

Egypt's current account deficit widened to $22.5 billion in fiscal year 2025/26 from $15.4 billion a year earlier, the central bank said on Monday. 

Saudi Arabia lost 0.7% to 10,284 

Abu Dhabi eased 0.3% to 9,762 

Dubai added 0.3% to 5,838 

Qatar advanced 1.2% to 8,977 

Egypt declined 1.1% to 51,614 

Bahrain eased 0.4% to 1,882 

Oman dropped 0.6% to 7,804 

Kuwait gained 0.3% to 9,061