
Major stock markets in the Middle East closed sharply lower on Sunday, as statements by US President Donald Trump and Iranian Foreign Minister Abbas Araghchi cast serious doubt on the possibility of a deal to reduce tensions in the Strait of Hormuz.
Saudi Arabia's main index (Tadawul) recorded losses, while markets in Qatar and Egypt also ended in negative territory. The decline came as a result of renewed geopolitical uncertainty, which risks affecting oil prices and the flow of maritime trade in one of the world's most strategic areas.
President Trump, in a brief statement, said that he was “running out of patience with Iran” and that the United States would not accept endless delays in negotiations. On the other hand,
Iranian Foreign Minister Abbas Araghchi said his government is "in doubt" about the US administration's "seriousness" in reaching a lasting agreement.
"We want a fair deal, but we cannot be optimistic when the signals from Washington are contradictory ," Araghchi said, according to Iranian sources.
The regional market slump was compounded by Iran's announcement that it would reopen its stock market on Tuesday for the first time since the start of the latest conflict. An official at Iran's Capital Markets Authority said the market had been closed for several days "to prevent panic-driven trading."
Analysts say any failure in the US-Iran dialogue could lead to Brent oil prices rising above $90 a barrel and add pressure on Gulf economies that are heavily dependent on energy exports.
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