Gulf stock markets all fell on September 2 after the United States launched airstrikes against Iranian targets, followed by Iranian retaliatory ballistic missile and drone attacks against US bases in Jordan and Bahrain. Dubai’s index lost 0.6%, Qatar’s benchmark slipped 0.5%, and Saudi Arabia’s Tadawul dipped 0.3%. Emaar Properties led the declines in Dubai with a 1.3% drop, while Industries Qatar fell 1.2%. The escalation comes amid underlying tensions around the Strait of Hormuz, through which roughly a fifth of global oil supply passes daily. The declines fall within the typical 0.3% to 1.5% range observed during prior US-Iran confrontations over recent months.
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