Gulf stocks muted as oil declines; Pakistan-mediated Iran talks in focus
A man sits at the Dubai Financial Market, with screens displaying stock information in the background, in Dubai, United Arab Emirates, December 30, 2025. REUTERS/Amr Alfiky Purchase Licensing Rights , opens new tab BENGALURU, Aug 26 (Reuters) - Gulf stock markets were subdued in early trade on Wednesday as oil prices fell, while investors assessed fresh U.S. economic pressure on Iran and signs of progress in Pakistan-mediated talks with Tehran. Brent crude, a key catalyst for Gulf markets, tumbled more than $2 a barrel on hopes that the Strait of Hormuz could reopen. It was down to $86.28 a barrel at 0447 GMT. Sign up here. Iran said it had resumed talks with Oman on managing the waterway amid heightened economic pressure from the U.S. Separately, Pakistan's interior minister said Islamabad and Tehran had made "significant progress" in talks focused on the U.S.-Israeli war on Iran and a path to peace. Saudi Arabia's benchmark index (.TASI) , opens new tab fell 0.1%, with most constituents in negative territory. Oil giant Saudi Aramco (2222.SE) , opens new tab lost 0.5%, while Rabigh Refining and Petrochemical (2380.SE) , opens new tab dropped 3%. Al Moammar Information Systems (7200.SE) , opens new tab rose 3% after the IT solutions provider won an expanded HUMAIN award to increase an AI data-centre project's capacity to 250 megawatts from 50 MW. The contract is valued at more than 689% of MIS' 2025 revenue. Dubai's main index (.DFMGI) , opens new tab slipped 0.1%, weighed down by a 0.7% fall in Emirates NBD (ENBD.DU) , opens new tab and a 1.5% decline in Tecom Group (TECOM.DU) , opens new tab . Abu Dhabi's benchmark (.FTFADGI) , opens new tab lost 0.4%, dragged by a 2% drop in Abu Dhabi Islamic Bank (ADIB.AD) , opens new tab and a 0.9% fall in ADNOC Gas (ADNOCGAS.AD) , opens new tab . Qatar's index (.QSI) , opens new tab edged up 0.1%, as Industries Qatar (IQCD.QA) , opens new tab gained 0.7% and telecoms firm Ooredoo (ORDS.QA) , opens new tab advanced 1.2%. Meanwhile, QatarEnergy issued its first tender to offer crude through ship-to-ship transfers outside the Strait of Hormuz, joining other Gulf producers in moving loading operations beyond the waterway, trade sources said. Reporting by Md Manzer Hussain in Bengaluru; Editing by Thomas Derpinghaus Our Standards: The Thomson Reuters Trust Principles. , opens new tab Suggested Topics: Middle East X Facebook Linkedin Email Link Purchase Licensing Rights