Most Gulf stock markets declined due to the fighting between the US and Iran.
ALRAJHI 1120.SA | 0.00 |
July 14 (Reuters) - Major Gulf stock markets opened lower on Tuesday after Washington reimposed a naval blockade on Iran, as the two countries intensified their military strikes around the Strait of Hormuz, raising concerns about disruptions to global energy supplies.
The US military launched strikes on Iran on Monday for the third night in a row, as US President Donald Trump reinstated a naval blockade on Iran and proposed imposing a 20 percent fee to protect the Strait of Hormuz.
Dubai's index fell by more than one percent, while shares of Emirates NBD, the emirate's largest bank, rose 1.2 percent.
The Abu Dhabi index lost 0.3 percent.
The UAE Ministry of Defense said on Monday that two UAE-owned tankers were targeted by two Iranian cruise missiles in the southern passage of the Strait of Hormuz within Omani territorial waters, killing one Indian crew member and injuring eight others.
Shipping data released on Monday showed that the number of tankers crossing the Strait of Hormuz over the past day fell to its lowest level in two months.
The Saudi index fell 0.2 percent, affected by a 0.5 percent drop in Al Rajhi Bank shares.
Meanwhile, the Houthis in Yemen launched missiles at Saudi Arabia after accusing the kingdom of bombing an airport under its control on Monday.
Saudi Aramco shares rose 0.8 percent as oil prices climbed.
Brent crude futures rose $1.90, or 2.3 percent, to $85.20 a barrel by 0630 GMT.
