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Hamas: We salute our people who have demonstrated unparalleled pride, heroism, and honor.
Hamas: We salute our great people in the Gaza Strip, Al-Quds, the West Bank, and both inside and outside the homeland.
Hamas: We call on President Trump and the guarantor countries to compel the occupation government to fully implement the obligations of the agreement.
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Gulf stock markets slip as war on Iran drags on

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Jun 2025 13:56
4 Min Read

Gulf markets dip as the war on Iran enters day 6, with investors wary of regional instability and oil prices fluctuating amid global uncertainty.

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  • Smoke billows after an Iranian missile struck an oil refinery in Haifa, northern Israel, early Monday, June 16, 2025. (AP Photo/Ariel Schalit)
    Smoke billows after an Iranian missile struck an oil refinery in Haifa, northern occupied Palestine, on June 16, 2025. (AP Photo/Ariel Schalit)

Most stock markets across the Gulf declined in early Wednesday trading, as the war on Iran entered its sixth day, prompting investor caution and renewed fears of broader regional instability.

Reports from Iranian media indicated that thousands were fleeing Tehran and other major cities, as both Iran and "Israel" launched fresh rounds of missile strikes. Despite US President Donald Trump’s call for Iran’s “unconditional surrender,” the war showed no signs of de-escalation.

Saudi Arabia’s benchmark index (TASI) fell by 0.7%, dragged down by key financial stocks. Al Rajhi Bank dropped 0.6%, while Saudi National Bank, its largest lender, shed 1%.

Flynas Company, the budget airline backed by Prince Waleed bin Talal, saw its shares plunge nearly 13% on its trading debut. The Saudi Exchange permits a 30% fluctuation limit during the first three days of listing.

Saudi Aramco, the state-owned oil giant, slipped 0.6% amid global oil price volatility. Additionally, in the UAE, Dubai’s main index (DFMGI) declined by 0.6%, with toll operator Salik down 2.1% and Dubai Islamic Bank dropping 1.6%. In Abu Dhabi, the index (FTFADGI) edged up 0.1%, defying the regional trend.

Qatar’s main index (QSI) also fell 0.1%, weighed by a 1.6% loss in Commercial Bank shares. That said, oil prices, a key driver for Gulf financial markets, eased slightly in Asian trading.

The pullback followed a 4% surge the previous day as traders balanced the risk of supply disruption due to the war on Iran against the prospect of a US. The Federal Reserve rate decision could suppress demand.

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Iran's response drives oil surge

On Tuesday, global oil prices climbed by nearly 2% amid growing fears in Western markets over the consequences of Iran's firm response to "Israel's" military aggression. The rise comes as Tehran's position against repeated violations of its sovereignty gains traction, with global energy markets increasingly sensitive to the fallout from "Israel's" escalation.

As of 11:34 GMT, August futures for Brent crude stood at $74.66 per barrel, up 1.95%, while West Texas Intermediate (WTI) rose 1.88% to $71.57 per barrel. These gains follow last Friday's dramatic spike, Brent jumped 7% and WTI 7.26%, marking the sharpest daily increase since 2022.

The surge was triggered after the Israeli military launched a large-scale assault, codenamed Rising Lion, on Iranian military and nuclear sites. In a clear act of deterrence, Iran responded swiftly with Operation True Promise III, a coordinated missile campaign targeting key Israeli military facilities.

The retaliatory strikes, involving hundreds of missiles launched from across Iran, exposed the vulnerability of "Israel's" infrastructure and military readiness.

One day surge 

A few days before, oil prices soared more than 9% on June 13, reaching their highest levels in nearly five months after the Israeli occupation launched strikes on Iranian territory. 

Brent crude futures climbed $6.29, or 9.07%, to $75.65 a barrel by 03:15 GMT, after touching an intraday high of $78.50, the highest since January 27. US West Texas Intermediate (WTI) crude surged $6.43, or 9.45%, to $74.47 after reaching a peak of $77.62, the strongest level since January 21.

US oil jumped 7.26%, closing around $72.98 per barrel, while Brent rose 7%, settling near $74.23 per barrel. Earlier the same day, US oil and Brent had soared as much as 14% and 13%, respectively.

“For markets, the focus is now turning to how the situation might escalate,” said Deutsche Bank strategist Jim Reid in a Friday note.

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