Gulf continues to extend losses on oil tanker attack offshore of Iran, Oman

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Gulf continues to extend losses on oil tanker attack offshore of Iran, Oman

On Sunday, the 16th of June 2019, the gulf stocks had lost steams further, while investors were appeared to be cautious following military attacks on two oil tankers offshore of Iran and Oman, just ahead of the much-disputed Strait of Hormuz.

In fact, last week’s attack of two oil tankers over the Gulf of Oman had raised worries of a military confrontation over the vital sea corridor responsible for about 35 percent of world’s oil supplied through the sea.

Besides, in the wake of a US ban on Iranian oil aimed at curbing Tehran’s nuclear program, tensions between Washington and Tehran had worsened and last week, the US Secretary of State, Mike Pompeo had been quoted saying that the Tehran’s revolutionary guards were behind the attacks on the oil tankers.

However, following the latest leg of warfare between US and Iran which could soon evolve into a 2014’s US-Iran war-like scenario, Gulf markets had been losing fuel and last Sunday (June 16th) was no exception. Quoting statistics, on Sunday (June 16th) market closure, Saudi Arabia’s main index shed 0.6 percent after falling 1.6 percent on Thursday (June 13th), while financials alongside lenders had dragged Saudi bourses down.

Meanwhile, over the UAE, Dubai index fell by 0.7 percent and Abu Dhabi had wrapped up the day down by 0.2 percent, almost entirely led by the losses of real estates, while UAE’s largest real-estate developer, Emaar Properties had shed 2.5 percent.

Elsewhere in Gulf, the Kuwaiti index were down by 0.6 percent and Bahrain had shrugged off 0.2 percent, while Egypt had posted a slight gain of 0.2 percent after remaining flatlined throughout the day.