
Most Gulf markets in red as Israel-Iran conflict escalates
Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes.
Saudi Arabia's benchmark index declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company.
Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade.
Elsewhere, oil giant Saudi Aramco eased 0.3%.
Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill.
Dubai's main share index finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%.
Most Gulf markets in red over Israel-Iran conflict worries
In Abu Dhabi, the index was down 0.4%.
Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement.
The Qatari index lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%.
Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment.
------------------------------------------ SAUDI ARABIA lost 1.2% to 10,591 Abu Dhabi down 0.4% to 9,496 Dubai dropped 1.2% to 5,306 QATAR fell 0.6% to 10,348 EGYPT rose 0.4% to 30,839 BAHRAIN declined 1.1% to 1,889 OMAN was flat at 4,520 KUWAIT retreated 1.6% to 8,544 ------------------------------------------
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He had warned then that global energy markets were shifting rapidly — shale gas production in the US was accelerating, and Australia was on the cusp of becoming a major LNG exporter. Oversupply was imminent, he warned, and locking Pakistan into a long-term contract would spell disaster. Ensuing developments and the data associated with it suggest Arshad Abbasi had a point; by 2024, the US had become the world's largest LNG exporter, triggering a global LNG glut. Apparent public pressure forced the minister to negotiate the contract's rate down — from 18% to 13.37% of Brent, yet ministry sources insist he refused to consider short-term contracts or switch to gas-indexed pricing. As the eventual burgeoning costs off fixed-price LNG contracts proved, it was a financial tragedy in the making. Done. The vested interest eventually turned Engineer Abbasi literally into a persona non grata and managed to muzzle debates in the parliament and the media. 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