Gulf markets plunge on U.S.-Iran tensions, Saudi Aramco at lowest since IPO GlobeBusiness
Dubai stocks were down 3.1% with property firm Emaar Properties falling 3.7%. The Abu Dhabi index fell 1.41%.“A U.S.-Iran war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in Iran’s economy, but also due to the impact from a surge in oil prices,” Jason Tuvey, senior emerging markets economist at Capital Economics, said in a note last week.
Saudi credit default swaps, which investors buy as protection against default, rose by more than 13% on Friday following Soleimani’s killing, Refinitiv data showed. Regional bond spreads are expected to widen on Monday, when international debt markets open, because of increased political risk, a debt banker said.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.
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