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Middle East

Abu Dhabi Stocks Down 3.6% in Early Trade amid Tensions

Abu Dhabi’s main equities index dropped 3.6% in early trade amid geopolitical tensions, while the Dubai index rebounded on Tuesday from one of its biggest drops in years on Monday and rose 1.4%.

Dubai and Abu Dhabi stock markets suffered their biggest single-day decline in years on Monday after several commercial ships were attacked off the coast of the United Arab Emirates, Reuters reported.

Saudi shares on Monday had one of their worst days since mid-October after Riyadh said two of its oil tankers were among the vessels hit in the attacks.

Following the attacks on Monday, oil futures rose on increasing concerns about supply disruptions in the crucial producing region of the Middle East.

Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT.

US West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

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