UAE stocks decline as the scope of the war widens.

UAE stock markets fell in early Monday trading, extending losses as the scope of the US-Israeli war with Iran widened.

“Stock markets in the UAE fell in early Monday trading, extending their losses as the scope of the US-Israeli war with Iran widened, at the same time that oil prices jumped more than 25 percent due to reduced supplies and fears of continued shipping disruptions in the Strait of Hormuz”

Jafra News

Oil prices jumped more than 25 percent amid reduced supplies and fears of continued shipping disruptions in the Strait of Hormuz.

Jafra News

The article links the equity sell-off to the widening conflict and the concurrent surge in energy prices.

Brent crude surged 27 percent to $117.58 a barrel, its largest daily gain since at least 1988 after rising 28 percent last week.

The piece says energy markets are highly concerned about tensions around the Strait of Hormuz, through which nearly one-fifth of the world’s oil supplies typically pass, driving the sharp spike in prices.

Jafra News

The main Dubai index fell 3.6 percent, with shares of Emaar Properties down 4.7 percent and Emirates NBD down 4.3 percent, while Air Arabia fell 5 percent.

“Stock markets in the UAE fell in early Monday trading, extending their losses as the scope of the US-Israeli war with Iran widened, at the same time that oil prices jumped more than 25 percent due to reduced supplies and fears of continued shipping disruptions in the Strait of Hormuz”

Jafra News

Emirates said in a post on X on Saturday that all flights to and from Dubai had been suspended until further notice, and the carrier soon resumed its flights the same day.

In Abu Dhabi, the main index fell 1.6 percent, affected by a 4.6 percent drop in Abu Dhabi Commercial Bank and a 3.5 percent fall in the shares of ADNOC Drilling.