Share markets across the Gulf fell in early trading on Wednesday after Yemen’s Houthi movement said it had struck Saudi Arabia’s largest refinery with a ballistic missile. Saudi Arabia’s benchmark index dropped 1.3 percent, with oil company Saudi Aramco down 1.3 percent and Al Rajhi Bank down 1.6 percent. Dubai’s main index fell 0.5 percent and Abu Dhabi’s benchmark fell 1 percent, while Qatar’s benchmark eased 0.2 percent. The moves showed investors reacting to renewed concern that the wider Middle East conflict could spread further, even as the details of the claimed refinery strike remained unclear.

Saudi index leads the fall

Not every part of the market fell. National Shipping Company of Saudi Arabia rose 7 percent after reporting a steep rise in quarterly profit, a reminder that higher freight rates and supply disruption can benefit some shipping firms while weighing on others. Brent crude futures were quoted up 1.8 percent at $115.90 a barrel by 0735 GMT in the Reuters report, an intraday level rather than a settlement price. The session came after Saudi Arabia, Turkey and Pakistan met Iranian officials in Tehran on Monday in an effort to reduce regional tensions, talks that had not stopped the latest claims of attacks on Saudi energy sites.

Shipping shares move the other way

Saudi authorities had not immediately confirmed the strike or any damage at the time of the Reuters report, so the attack remains a Houthi claim, not a confirmed fact. Investors will watch for any official Saudi statement and for further claims before judging whether the market reaction marks the start of a longer disruption or a one-day response to an unverified claim.

Sources: Reuters, Binance Square / Jin10.