Oil rises, Gulf stocks slide after Iran ship seizure throws truce into doubt
In a post on Truth Social on Sunday, US President Donald Trump said the US Navy fired at and seized an Iranian-flagged cargo ship in the Gulf of Oman.
Oil prices jumped more than 5% while Gulf markets fell in early trading Monday after the US Navy seized an Iranian vessel in the Gulf of Oman over the weekend, stoking fears that a fragile ceasefire could collapse.
What happened: Global benchmark Brent crude futures were at $94.92 at 8:37 a.m. ET, up 5.02% from Friday’s close. West Texas Intermediate futures rose 5.55% to $87.02 a barrel at the same time.
Meanwhile, markets tumbled across the Gulf on Monday. Dubai’s main share index dropped 1.3%, including a 1.4% slide in real estate developer Emaar Properties and a 2.2% fall in toll operator Salik Co. Abu Dhabi’s main share index fell 0.3%.
Qatar’s main index lost 0.4%, including Qatar Islamic Bank, which fell 1.1%.
