Gulf Markets Mixed as US-Iran Tensions Escalate, Earnings Drive Investor Sentiment

Major Gulf stock markets traded mixed on Thursday as investors weighed escalating tensions between the US and Iran and a fresh batch of second-quarter corporate earnings, with geopolitical risks and company results driving market sentiment.

The US military said on Wednesday it carried out another round of strikes on Iran at the direction of President Donald Trump, marking the 12th consecutive night of American attacks.

Iran’s Islamic Revolutionary Guard Corps said an oil tanker caught fire after an explosion while attempting to navigate what it described as a mined route in the southern Strait of Hormuz off the coast of Oman. The Guards added that two other tankers turned back, heightening concerns over the security of one of the world’s most critical energy shipping lanes.

Investor concerns deepened after the Iran-aligned Houthis said on Thursday they had attacked two Saudi oil tankers in the Bab el-Mandeb Strait, raising fears of potential disruptions to another key global energy shipping route.

Saudi Arabia’s benchmark index slipped 0.1%, pressured by a 0.9% decline in Saudi National Bank, the kingdom’s largest lender. Shares of oil giant Saudi Aramco, however, gained 0.5%.

Qatar’s main index fell 0.3%, weighed down by a 1.2% drop in Industries Qatar.

Dubai’s benchmark index rose 0.6%, led by a 2.9% gain in Emirates NBD after the lender reported second-quarter profit that was broadly unchanged from the previous quarter. The bank said asset growth and margins remained resilient in its first full-quarter results since the Iran conflict began.

In Abu Dhabi, the benchmark index advanced 0.7%, supported by a 4.1% jump in First Abu Dhabi Bank following the release of its quarterly earnings.

The lender reported net profit of 5.72 billion dirhams ($1.56 billion) for the three months ended June 30, up from 5.51 billion dirhams in the same period a year earlier.

Ojo Triumph

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