Most Gulf stock markets fell on Sunday as escalating U.S.–Iran attacks across the region stoked inflation concerns and strengthened expectations of further U.S. interest-rate hikes, according to Reuters.
The United States said it had carried out an eighth consecutive night of strikes on Iran, after earlier reporting that two American service members were killed in Jordan and another was missing following an Iranian attack.
Kuwait, which faced sustained Iranian attacks on Saturday, intercepted more Iranian missiles and drones on Sunday, its army said. Bahrain's air defences also downed an Iranian attack the same day, according to state TV.
The escalation comes after an interim ceasefire reached a month ago collapsed last week, heightening fears of a renewed slide into all-out war.
Qatar's stock market index (.QSI), opens new tab retreated 1.5%, dragged down by a 3% slide in the Gulf's biggest lender by assets, Qatar National Bank (QNBK.QA), opens new tab. Qatar Gas Transport (QGTS.QA), opens new tab also fell 2%.
Qatar's defence ministry said its forces foiled an Iranian missile attack early on Friday, while the interior ministry reported a child was injured by shrapnel from the interception.
On Friday, oil prices climbed more than 4% to their highest in more than a month.
Elsewhere, Bahrain's index (.BAX), opens new tab was down 1.2% and Kuwait's (.BKP), opens new tab fell 0.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.7%.
Saudi Arabia's benchmark index (.TASI), opens new tab closed flat, with oil major Saudi Aramco (2222.SE), opens new tab rising 0.6%.
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.
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