Most Gulf stock markets continue to decline amid escalating tensions.

Tadawul All Shares Index

Tadawul All Shares Index

TASI.SA

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- Most Gulf stock markets fell on Thursday, extending losses from the previous session, as renewed hostilities between the United States and Iran weighed on investor confidence.

The US military announced Wednesday that it had launched new airstrikes against Iran to maintain freedom of navigation in the Strait of Hormuz, prompting Iran to launch attacks in Kuwait and Bahrain.

These attacks came hours after US President Donald Trump announced that he believed the temporary ceasefire agreement with Iran was "over".

Brent crude futures rose $1.03 a barrel, or 1.32 percent, to $76.99 a barrel by 0749 GMT.

The Saudi benchmark index fell 0.4 percent, with Al Rajhi Bank shares declining 0.8 percent.

Dubai's main index fell 0.8 percent, with shares of Emaar Properties, a leading real estate developer, dropping 1 percent and shares of the emirate's largest bank, Emirates NBD, declining 0.7 percent. Shares of Air Arabia also fell by more than 2 percent.

The benchmark index in Abu Dhabi fell 0.5 percent, with shares of the UAE's largest bank, First Abu Dhabi Bank, losing 0.6 percent.

Shares in Emirates Telecommunications Group fell 0.4 percent, a day after a media report about a widespread service outage.

In Qatar, the index fell 0.8 percent, with shares of the largest bank in the Gulf region (Qatar National Bank) declining by one percent.