Most Gulf markets retreat on Iran war jitters
Thursday, 4 June 2026
Most major stock markets across the Gulf dropped in early trade on Wednesday as fresh hostilities erupted after US-Iran peace talks stalled, reports Reuters.
Hostilities in the Gulf escalated again on Wednesday, as the US military reported that Iranian missile attacks targeting Bahrain, Kuwait, and other locations in the region were either intercepted or unsuccessful, while diplomatic efforts between Washington and Tehran remained stalled.
Iran's Revolutionary Guards said they had launched an attack on the US Fifth Fleet headquarters. While Iran and the United States said last week they had reached a preliminary deal to stop the war, neither side has formally endorsed an agreement.
Dubai's main share index dropped 0.6 per cent, with top lender Emirates NBD losing 1.1 per cent and blue-chip developer Emaar Properties falling 0.9 per cent.
In Abu Dhabi, the index was down 0.5 per cent.
According to the reports, Iran has not been in contact with the United States for several days, although US President Donald Trump said negotiations had been ongoing without interruption.
The Qatari index eased 0.3 per cent, with the Gulf's biggest lender Qatar National Bank dropping 0.5 per cent.
Saudi Arabia's benchmark index bucked the trend to edge 0.2 per cent higher, helped by a 1.3 per cent rise in ACWA Power Co.