Gulf stocks mixed after Iran denies US talks, Qatar continues decline

Gulf stock markets were unable to find direction during early trading Tuesday. Qatar's fall was exacerbated by mixed messages about U.S.Iran talks following President Donald Trump's decision to delay strikes on Iran's energy infrastructure.

Trump made his decision on Monday based on what he called productive discussions with Iranian officials. Iran denied, however, that it had held negotiations with the U.S.

Semafor, citing an official from the United States, reported on Monday that the U.S. would continue to strike Iran. The pause only applied to attacks against Tehran's energy sites.

According to the report, Israel did not participate in Washington's discussions with Iran.

The regional conflict is causing sharp price increases for energy, disruptions in air travel and a severe impact on shipping through the Strait of Hormuz.

Dubai's main stock index has pared its early gains and is now trading 2.5% higher. This was largely due to gains in real estate and communication service stocks.

Emaar Properties, a blue-chip developer in Dubai, has risen 4.4%. Emirates Integrated Telecommunications, a telecom operator, has risen 3.7%.

The index in Abu Dhabi also pared its initial gains, trading 0.5% higher. Utility firm Abu Dhabi National Energy gained 5.1% while Emirates Telecommunications Group increased 2.7%.

Saudi Arabia's benchmark stock index fell 0.4% early in the day, due to a drop of 1.7% in Saudi Aramco and a decline of 3.8% in Saudi Arabian Mining Company. Ades Holding, which provides oil and gas drilling services in Saudi Arabia, gained 3.9% following a?firm's increase of its FY2026 EBITDA range to SAR 4,50-4.87 billion. This is a 33%-to-44% increase from last year.

Qatar's stock index fell 1.1% on Monday, March 19, extending the losses of the previous session. This was mainly due to a steep fall in energy and financial stocks.

Qatar National Bank, the largest lender in the Gulf, fell 1.6% while Qatar Gas Transport (Nakilat), a shipper of energy, dropped 3.4%.

Oil prices rose again on Tuesday, despite the ongoing war and the fact that shipments of?oil? and?liquefied gas? through the Strait of Hormuz are still restricted.

Brent Crude rose 1.4 % to $101.28 per barrel at 0812 GMT.

(source: Reuters)