BENGALURU: Gulf stock markets were subdued in early trade on Wednesday as oil prices fell, while investors assessed fresh US economic pressure on Iran and signs of progress in Pakistan-mediated talks with Tehran.
Brent crude, a key catalyst for Gulf markets, tumbled more than $2 a barrel on hopes that the Strait of Hormuz could reopen. It was down to $86.28 a barrel at 0447 GMT.
Iran said it had resumed talks with Oman on managing the waterway amid heightened economic pressure from the US
Separately, Pakistan’s interior minister said Islamabad and Tehran had made “significant progress” in talks focused on the US-Israeli war on Iran and a path to peace.
Saudi Arabia’s benchmark index fell 0.1 percent, with most constituents in negative territory. Oil giant Saudi Aramco lost 0.5 percent, while Rabigh Refining and Petrochemical dropped 3 percent.
Al Moammar Information Systems rose 3 percent after the IT solutions provider won an expanded HUMAIN award to increase an AI data-center project’s capacity to 250 megawatts from 50 MW. The contract is valued at more than 689 percent of MIS’ 2025 revenue.
Dubai’s main index slipped 0.1 percent, weighed down by a 0.7 percent fall in Emirates NBD and a 1.5 percent decline in Tecom Group.
Abu Dhabi’s benchmark lost 0.4 percent, dragged by a 2 percent drop in Abu Dhabi Islamic Bank and a 0.9 percent fall in ADNOC Gas .
Qatar’s index edged up 0.1 percent, as Industries Qatar gained 0.7 percent and telecoms firm Ooredoo advanced 1.2 percent.
Meanwhile, QatarEnergy issued its first tender to offer crude through ship-to-ship transfers outside the Strait of Hormuz, joining other Gulf producers in moving loading operations beyond the waterway, trade sources said.
