MIDEAST STOCKS-Major Gulf bourses mixed as markets assess US-Iran escalation

Tadawul All Shares Index

Tadawul All Shares Index

TASI.SA

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- Major Gulf stock markets were mixed in early trade on Monday as the Middle East conflict intensified over the weekend, with the U.S. launching attacks on Iran for a ninth consecutive night.

In the region, Kuwait and Bahrain reported fresh Iranian strikes. In Bahrain, the U.S. embassy in Manama warned that Iran may target unspecified locations in the capital and urged Americans to remain vigilant.

Kuwait's Foreign Ministry condemned what it called an Iranian attack on a power and water desalination facility.

The Islamic Revolutionary Guard Corps said on Monday that two oil tankers had exploded and become disabled after attempting to pass through what it described as an unsafe southern route in the Strait of Hormuz, alleging that the vessels had been encouraged by the U.S. military to use the passage.

Dubai's main share index .DFMGI dropped 1%, dragged down by a 1.3% slide in blue-chip developer Emaar Properties EMAR.DU and a 2.3% decrease in budget airliner Air Arabia AIRA.DU.

In Abu Dhabi, the index .FTFADGI was down 0.8%, with AlphaDhabi Holding ALPHADHABI.AD losing 1%.

Saudi Arabia's benchmark index .TASI added 0.1%, helped by a 0.4% rise in oil major Saudi Aramco 2222.SE.

Brent crude futures LCOc1 climbed $2.77, or 3.14%, to $90.87 by 0612 GMT, touching their highest level since June 11.

Since the war began, the kingdom has rerouted over 70% of its usual daily crude exports to the Red Sea port of Yanbu. Shipments from Yanbu have averaged 4 million barrels per day in recent weeks, compared with about 973,000 bpd a year earlier.

Qatar's benchmark index .QSI edged up 0.2%, recovering slightly from a 1.5% decline in the previous session, supported by a 0.4% gain in Gulf heavyweight Qatar National Bank QNBK.QA.