Markets fall amid fears of higher inflation | Reuters

Markets fall amid fears of higher inflation | Reuters

Major Gulf bourses inched lower on Thursday, mirroring sentiment across the globe as fears of higher inflation spooked investors amid see-sawing oil prices.

Asian shares struggled, weighed down by concerns over the latest developments in the Ukraine war and more hawkish comments from U.S. central bank officials, while crude prices remained unstable as investors assessed the potential for new supply in a tight market amid prospects of a new Iran deal.

Oil prices had jumped on Wednesday following reports that crude exports from Kazakhstan's Caspian Pipeline Consortium terminal had completely halted following storm damage. Russia's deputy prime minister said oil supplies could be stopped for two months. read more

U.S. President Joe Biden arrived in Brussels for a series of summit meetings on the Ukraine War, with Biden set to announce a U.S. package of Russia-related sanctions on political figures and oligarchs on Thursday.

Saudi Arabia's benchmark index (.TASI) was down 0.1%, with losses in financials offset by gains in energy and utility stocks.

Shares of Al Sagr Cooperative Insurance (8180.SE) rose 3.2% after the company posted a smaller annual loss.

Abu Dhabi's index (.FTFADGI) was flat, while Dubai's main share index (.DFMGI) edged 0.1% lower.

Dubai Islamic Bank (DISB.DU) was the top drag on the index with a 0.3% fall.

The Qatari index (.QSI) was trading flat after rising for three straight sessions.