Most Gulf stock markets ended lower on Thursday as concerns over stalled peace talks between Iran and the U.S. weighed on sentiment, with trade restrictions through the Strait of Hormuz still in place.
Iran seized two ships in the strait on Wednesday, tightening its control over the key shipping route a day after U.S. President Donald Trump indefinitely extended a ceasefire but maintained a blockade on Iranian ports.
Top Iranian negotiator Mohammad Baqer Qalibaf said a full ceasefire would only make sense if the blockade was lifted.
With the strait effectively shut, pressure on global oil supplies pushed Brent crude back above $100 a barrel.
Saudi Arabia's benchmark index (.TASI), opens new tab fell 1.2%, extending its losing streak to six sessions, weighed down by a 2.2% slide in Al Rajhi Bank (1120.SE), opens new tab and a 1.8% drop in the kingdom's biggest lender by assets, Saudi National Bank (1180.SE), opens new tab.
SABIC Agri-Nutrients Co (2020.SE), opens new tab dropped 5.1% after reporting lower quarterly sales, despite posting higher profit.
Strait of Hormuz disruptions and stalled diplomacy are keeping investors defensive, with only limited relief from the ceasefire extension, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
In Qatar, the index (.QSI), opens new tab eased 0.1%, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab, down 1.3%.
Abu Dhabi's index (.FTFADGI), opens new tab closed 0.4% lower, dragged down by a 2.1% fall in First Abu Dhabi Bank (FAB.AD), opens new tab, even though the UAE's biggest lender beat forecasts with a smaller-than-expected 2% fall in first-quarter net profit.
Dubai's main share index (.DFMGI), opens new tab erased early gains to close unchanged. Emirates NBD Bank (ENBD.DU), opens new tab slipped 0.1% after the emirate's largest lender by assets reported a 3% rise in first-quarter profit. Budget airline Air Arabia (AIRA.DU), opens new tab gained 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab bucked the trend to close 0.8% higher, with Commercial International Bank (COMI.CA), opens new tab rising 1.3%.
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