War escalation impacts global markets
The escalation of tensions between the United States and Iran and the potential for military confrontation led to a decline in global stock markets, with most Gulf exchanges closing lower and European markets recording losses. Concerns grew over disruptions to energy supply routes and rising oil prices, which surged by 3.51% to reach $104.79 per barrel. In the Gulf, stock indices declined due to drops in shares of major companies such as "Maaden" and "Emaar," while fears persisted over disruptions to shipping traffic through the Strait of Hormuz. Military events, including attacks by Iran and the Houthis, heightened worries about the stability of energy supplies, exerting pressure on global markets and causing European indices and Asian stocks to fall, despite some foreign investments returning to regional markets.
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