Gulf stocks fall on fading prospects of US-Iran deal

Kitco Media
By Reuters
Published:
Updated:
Reuters
Gulf stocks fall on fading prospects of US-Iran deal teaser image

Aug 11 (Reuters) - Gulf stock markets closed lower on Tuesday as optimism over a potential U.S.-Iran agreement faded, ​reducing hopes for an end to the conflict and the ‌full restoration of shipping through the Strait of Hormuz.

Sentiment weakened after U.S. President Donald Trump demanded compensation for U.S. losses linked to past wars, attacks, ​and protests, a position seen as making any diplomatic progress ​more difficult.

Saudi Arabia's benchmark index (.TASI), eased 0.1%, with Saudi ⁠Arabian Mining Company (1211.SE), losing 1.2%.

Adding to regional concerns, oil major ​Saudi Aramco (2222.SE), postponed the restart of its 400,000-barrel-per-day Jazan refinery to ​August 30, following Yemen's Houthis saying they had attacked the facility on Sunday.

Aramco shares were down 0.1%.

Brent crude futures fell 21 cents, or 0.24%, to $87.51 a ​barrel by 1138 GMT.

Dubai's main share index (.DFM), dropped 0.4%, hit ​by a 2.4% slide in top lender Emirates NBD (ENBD.DU).

In Abu Dhabi, the index (.FTFADGI), ‌was ⁠down 0.8%, hit by a 0.6% fall in ADNOC Gas (ADNOCGAS.AD).

On the other hand, ADNOC Logistics & Services (ADNOCLS.AD), gained 3.6% after the company raised its 2026 profit guidance for the third time on Tuesday, following ​a 300% surge ​in second-quarter profit. ⁠The strong performance was driven by higher shipping charter rates and record operational activity.

The Qatari index (.QSI), ​retreated 0.8%, with the Gulf's biggest lender Qatar ​National Bank (QNBK.QA), ⁠falling 1.2%.

Reporting by ​Ateeq Shariff in Bengaluru; Editing by Rashmi Aich and Alison Williams

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