Major Gulf stock markets were range-bound in early trade on Thursday as investors awaited clarity from Iran-Oman talks aimed at restoring shipping through the Strait of Hormuz, while reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden further heightened concerns.
Iran and Oman have agreed on coordinates for a shipping route through the Strait of Hormuz, with a joint announcement expected soon, Iran said, unless outside parties intervene.
The move coincides with a proposed Iran–Oman framework to ease U.S.–Iran tensions that, according to Reuters sources, would give Tehran control over vessels entering the Gulf—a major concession over a vital global energy corridor.
While President Trump has said a deal to reopen the strait is near, U.S. officials have ruled out accepting Iranian control. Tehran has also warned Gulf states that any new U.S. strike would trigger attacks on critical regional energy infrastructure.
Saudi Arabia's benchmarks (.TASI) edged 0.1% higher, helped by a 1.2% rise in the country's biggest lender by assets, Saudi National Bank (1180.SE).
Yemen's Iran-aligned Houthis said on Wednesday they had launched a missile attack on a Saudi oil tanker off the coast of the kingdom's Red Sea port city of Yanbu and another missile attack on a Saudi oil tanker in the Gulf of Aden.
Dubai's main share index (.DFMGI) declined 0.7%, hit by a 2% slide in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, the index (.FTFADGI) eased 0.1%.
The Qatari index (.QSI) dropped 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.7%.
