Gulf markets close mixed amid US-Iran tensions

Gulf stock markets closed with mixed results on Sunday as traders remained cautious amid rising tensions between the United States and Iran.

Iran has committed to counter U.S. sanctions and warned of a "painful response" to any additional aggression. The conflict has reached a stalemate six months after initial U.S.-Israeli strikes, with diplomatic peace efforts failing after a June ceasefire collapsed.

Military actions have resumed following a brief pause in July. U.S. Central Command confirmed it struck three Iranian tankers on Saturday in response to ballistic missile attacks on two U.S. Navy warships.

Saudi Arabia’s benchmark index rose 0.3% to 11,069, supported by major banking stocks. Al Rajhi Bank (TADAWUL:1120) gained 0.7% and Saudi National Bank (TADAWUL:1180) climbed 1.1%.

Qatar’s index fell 0.3% to 9,734, pressured by a 0.7% decline in Qatar Islamic Bank (QE:QISB).

Outside the Gulf region, Egypt’s blue-chip index advanced 0.7% to 56,676, driven by a 2.2% rise in Talaat Moustafa Group Holding (CASE:TMGH).

Bahrain’s index declined 0.1% to 1,937, while Kuwait’s index lost 0.2% to 9,227. Oman’s index remained flat at 7,632.