Gulf Stock Markets Rise Amid US-Iran Tensions, Saudi Arabia Sees Limited Gains
Gulf stock markets experienced a rise on May 3, 2026, with Saudi Arabia's benchmark index increasing by 0.1% to 11,193. However, the gains were limited due to ongoing uncertainty surrounding the US-Iran situation. A senior Iranian official proposed a plan to reopen shipping through the Strait of Hormuz and lift the U.S. blockade on Iran, which has been rejected by President Trump. This proposal also suggested postponing negotiations over Iran's nuclear program. Despite the geopolitical tensions, the Qatari index rose by 0.4%, with Qatar National Bank seeing a 1.4% increase. Meanwhile, oil prices saw a decline, with Brent crude futures for July settling at $108.17 per barrel, down by 2.02%.