Gulf markets drop 6% on low oil, Iran deal

Stock markets in the energy-rich Gulf region nosedived Sunday, with Qatar and Dubai shedding 6.0 percent each, over the plunge in oil prices and the lifting of sanctions on Iran. The Abu Dhabi market shed 4.5 percent and Kuwait's 2.3 percent. The lifting of sanctions on Iran will

Editorial Team Legacy

Published 17 January 2016, 8:00 · Updated 18:23

Link copied

Gulf markets drop 6% on low oil, Iran deal

Stock markets in the energy-rich Gulf region nosedived Sunday, with Qatar and Dubai shedding 6.0 percent each, over the plunge in oil prices and the lifting of sanctions on Iran.

The Abu Dhabi market shed 4.5 percent and Kuwait's 2.3 percent.

The lifting of sanctions on Iran will allow the Islamic republic to raise its oil exports, worsening a production glut that has sent oil prices crashing.

(Developing story)

Gulf markets drop 6% on low oil, Iran deal

Editorial Team Legacy

Share your reaction!

Comments