Gulf markets plunge on US-Iran tensions, Kuwait lead fall
A Saudi trader
Gulfstocks fell sharply in early trade on Sunday, led byKuwaiti shares, on escalatingtensionsbetween the United States andIran.
Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in aUSdrone strike on his convoy at Baghdad airport.
The killing is seen by Tehran as an act of war that risks regional conflagration.
TheKuwaiti index, the best performer in the region in 2019, was down nearly 3.8 per centin early trade, Dubai stocks were down 1.8 per centand the Abu Dhabi index fell 1.1 per cent.
The Saudi marketplunged 2 per centat the market open, with shares of in oil giant Saudi Aramco down 0.7 per cent.
"A US-Iranwar could shave 0.5 percentage points or more off global GDP, mainly due to a collapse inIran’s economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emergingmarketseconomist at Capital Economics, said in a note last week.
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He said while aUS-Iranconflict would probably pressure equity and bondmarketsin the Middle East,Gulfcountries' currency pegs to theUS dollar would likely remain intact.
Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.