Most Gulf stock markets declined under pressure from fears of a prolonged Middle East war.

ALRAJHI -2.02%
Tadawul All Shares Index -0.88%

ALRAJHI

1120.SA

70.25

-2.02%

Tadawul All Shares Index

TASI.SA

11244.99

-0.88%

- Most Gulf stock markets fell in early trading on Thursday after U.S. President Donald Trump said his country would continue its attacks on Iran without setting a date for the end of the war.

Trump said the United States would launch powerful strikes against Iran over the next two or three weeks, and that it was getting closer to achieving its main strategic objectives in the war.

The index in Dubai fell 1.4 percent, affected by a 1.6 percent decline in the leading real estate company Emaar Properties.

The index in Abu Dhabi fell 0.9 percent, with Abu Dhabi Commercial Bank shares dropping 1.4 percent.

The UAE Ministry of Foreign Affairs said on Wednesday that reports circulating about the living conditions of Iranians in the country are inaccurate, stressing that the Iranian community is an integral part of the country's diverse social fabric.

The index in Qatar lost 1.1 percent, with Qatar National Bank, the largest bank in the Gulf region, falling 1.1 percent. Shares of Qatar Gas Transport Company (Nakilat) dropped by about three percent.

The threats to maritime navigation have increased as the conflict in the region intensifies. Qatar's Ministry of Defense stated on Wednesday that an Iranian cruise missile struck an oil tanker leased to Qatar Energy in Qatari waters.

The Saudi index bucked the general trend and rose 0.3 percent, supported by a 0.2 percent rise in Al Rajhi Bank shares and a 0.3 percent rise in Aramco shares.

Oil prices jumped by about seven percent on Thursday amid growing concerns about continued supply disruptions as the trade war between the United States and Iran intensifies.