UAE Stocks Slide on Geopolitical Tensions Despite Oil Price Bounce

UAE stocks declined despite oil prices rebounding to near $104.81 per barrel due to ongoing tensions between the US and Iran.

The FTSE ADX index in Abu Dhabi fell by 0.614% and the DFM index in Dubai lost 0.416%, indicating that higher oil prices driven by geopolitics may not necessarily boost local stocks.

The stalemate in US-Iran diplomacy and sharp public messaging around sanctions and access to the Strait of Hormuz kept uncertainty high, even as Brent snapped a five-day slide.