Dubai index slides 4% as oil soars on escalating Iran conflict
The UAE stock markets tumbled in early Monday trading, extending losses as the U.S.-Israeli war with Iran widened, while oil prices jumped more than 25% on supply cuts and fears of prolonged Strait of Hormuz shipping disruptions.
Brent crude soared 27% to $117.58 a barrel, the biggest daily gain since at least 1988, which came on top of a 28% rise last week.
Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world's oil supply normally passes.
Dubai's main share index declined 3.6%, with blue-chip developer Emaar Properties falling 4.7% and top lender Emirates NBD was down 4.3%.
Among other fallers, Air Arabia plunged 5%. Emirates said on Saturday that all flights to and from Dubai have been suspended until further notice, according to a post on X. The UAE carrier quickly resumed flights the same day.
In Abu Dhabi, the index retreated 1.6%, hit by a 4.6% slide in Abu Dhabi Commercial Bank and a 3.5% decline in ADNOC Drilling.
Abu Dhabi National Oil Company said on Saturday it is actively managing offshore output levels to address storage requirements amid the U.S.-Israeli war on Iran, while its onshore operations are continuing.
Brent crude soared 27% to $117.58 a barrel, the biggest daily gain since at least 1988, which came on top of a 28% rise last week.
Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world's oil supply normally passes.
Dubai's main share index declined 3.6%, with blue-chip developer Emaar Properties falling 4.7% and top lender Emirates NBD was down 4.3%.
Among other fallers, Air Arabia plunged 5%. Emirates said on Saturday that all flights to and from Dubai have been suspended until further notice, according to a post on X. The UAE carrier quickly resumed flights the same day.
In Abu Dhabi, the index retreated 1.6%, hit by a 4.6% slide in Abu Dhabi Commercial Bank and a 3.5% decline in ADNOC Drilling.
Abu Dhabi National Oil Company said on Saturday it is actively managing offshore output levels to address storage requirements amid the U.S.-Israeli war on Iran, while its onshore operations are continuing.
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