Gulf markets open lower as Israel and Iran continue to trade blows
Gulf markets opened lower on Sunday amid escalating geopolitical tension as Israel and Iran continue to carry out strikes on each others defence and energy targets, with no signs of let up from either side.
The Saudi Tadawul All Share Index (TASI) was down 2.25 per cent, while the Qatari Stock Exchange and Kuwait's main market were down more than 4 per cent during early trading on Sunday morning.
The Muscat Stock Exchange was down 1.9 per cent while Bahrain's bourse was mostly flat, down 0.6 per cent at 11am UAE time.
Stocks in Tel Aviv also opened lower on Sunday in the first trading session since the start of waves of air, drones and missile strikes between Israel and Iran on Friday. The Tel Aviv 35 index slumped 1.5 per cent, while the broader TA-125 index was down 1.4 per cent, before recovering some of the early losses.
'Global markets are grappling with the dual challenge of energy supply risk and policy uncertainty,' Iridium said in a note to investors on Sunday.
'Oil prices have surged, raising inflation concerns and prompting some tanker operators to reroute shipments.'
Both Israel and Iran expanded their attacks overnight with tension escalating as the conflict enters the third day. It started when Israel launched, what it called a 'pre-emptive' strike early on Friday, hitting nuclear and military sites inside Iran.
In Iran, the Shahran fuel depot was hit during an Israeli attack that began on Saturday night, setting storage tanks on fire, Iran's Oil Ministry said. In the city's south, Shahr Rey, one of the country's largest oil refineries, was also struck, according to Iranian state media.
Israel's emergency services said at least eight people, including children, were killed in the overnight strikes, and about 200 were wounded.
Stock markets around the world plunged on Friday amid the rising tension.
The Dow Jones Industrial Averaged tumbled 1.79 per cent. The S&P 500 and tech-heavy Nasdaq Composite fell 1.13 and 1.3 per cent, respectively, at the market closed on Friday.
Japan's Nikkei 225 lost 0.89 per cent, South Korea's Kospi dropped 0.87 per cent and Hong Kong's Hang Seng index shed 0.59 per cent.
In London, the FTSE 100 was down 0.39 per cent, while Paris's CAC 40 fell 1.04 per cent and Frankfurt's DAX shed 1.07 cent.
In the Middle East, Dubai's DFM general index closed 1.85 per cent lower, while Abu Dhabi's FTSE ADX general index was down 1.47 per cent. Both markets are closed for trading on Sunday.
Global stock markets are already under pressure due to the tariff-driven chaos and the intensifying Israel-Iran conflict is adding another layer of volatility to an already fragile state.
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