Gulf Markets Tumble Amid Renewed US-Iran Hostilities
The fragile ceasefire between the US and Iran has come to an end, and Gulf stock markets are feeling the heat. On July 9, Dubai's Financial Market General Index fell by 0.2% to 5,991, extending a streak of losses that has shaken confidence across the region.
The renewed hostilities started on July 8, when Iranian forces struck commercial shipping vessels in the Strait of Hormuz, prompting the US to respond with airstrikes. The Strait is a critical waterway through which about one-fifth of the world's oil supply flows daily.
As a result, Brent crude prices have been swinging wildly, fluctuating between $80 and $100 per barrel as traders try to gauge the likelihood of sustained disruption versus a quick de-escalation. A sustained move above $100 could reignite inflation fears globally, creating mixed signals for Bitcoin and other crypto assets.
The Qatar Stock Exchange had temporarily suspended trading amid the chaos but has since resumed operations. The broader Iran conflict kicked off on February 28, 2026, with a ceasefire that lasted just as briefly as most New Year's resolutions.