US-Iran Tensions Weigh Heavily on Gulf Markets

Gulf markets took a hit on Thursday as investor sentiment weakened amid escalating tensions between the US and Iran.

The US military launched strikes against dozens of Iranian Revolutionary Guard targets, including military command centers and drone facilities, in response to Tehran's ballistic missile attack on US forces in the Middle East.

Saudi Arabia carried out strikes on Iraq-based paramilitary groups, marking its first publicly acknowledged participation in US-led airstrikes, following a series of drone attacks launched from Iraqi territory against Saudi oil facilities.

The Qatari index retreated 0.9%, with all constituents in negative territory, while Saudi Arabia's benchmark index reversed early losses to finish 0.4% higher, led by a 2.9% rise in Saudi National Bank.