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MIDEAST STOCKS - Gulf stocks fall, Kuwait suspends trade as Iran responds US, Israeli attacks
Boursa Kuwait halted trading on Sunday after U.S.-Israeli strikes on Iran led to retaliatory attacks on U.S.-targeted cities in the Gulf, fueling fears of a prolonged period of regional instability. On Sunday, witnesses reported explosions over Doha and in the Dubai region as Iran retaliated for the U.S./Israeli attacks that killed Iranian leader Ayatollah Khamenei. This was one of the largest disruptions to aviation worldwide in recent years. The trading in Middle East markets can be a good indicator of the impact investors will have on their assets, from gold to safe-haven currencies. Barclays analysts raised their Brent crude estimate to $100 per barrel from $80 a few days ago. Boursa Kuwait has suspended all trade in the country until further notice, citing "exceptional circumstances". Saudi Arabia's largest stock exchange, the benchmark index, pared its losses to trade just 2% lower than the 4.6% decline it had earlier in the session. The Saudi National Bank, Al?Rajhi Bank and flynas budget airline all saw declines of between 2.8% and 5.8%. Saudi Aramco, the oil giant, rose 2.6% on expectations of higher oil prices. Saudi Arabia said on Saturday that Iran attacked Riyadh, the eastern part of its country and other areas. The GCC markets will likely remain under pressure, as investors factor in a potentially higher and prolonged geopolitical premium after the recent escalation of the situation in the region," Tahir Abbas said. He is the head of research for Ubhar Capital in Oman. "While higher oil prices are a fiscal cushion in the short-term for the regional governments, the greater concern is the possibility of shipping routes being affected, especially through the Strait of Hormuz. This would have wider?implications on energy flows and trade." Gulf stock markets are facing increased volatility and correction risk as geopolitical conflict?drives a 'risk-off' mood, putting pressure on?prices? and expectations?, according to XTB MENA Senior Analyst Hani Abuagla. Investors will be watching regional developments, and any further escalation of the crisis or damage to the real economy could intensify the "sell-off", he said. Muscat's stock index has trimmed its losses to just 1.8%, after falling more than 3% in a general sell-off. Heavyweight OQ Base Industries fell by 1.3%. Qatar's stock market was closed due to a "bank holiday" and the Bahrain stock index fell by 0.9%. Egypt's blue chip index fell 5.5% early in trading, with all its constituents falling. Abuagla added that disruptions to shipping through the Strait of Hormuz are also a major risk. They can affect sentiments and disrupt normal operations in a variety of sectors. Reporting by Ateeq Sharif, Md. Manzer Hussain, Bengaluru. Editing by Christopher Cushing and Elisa Martinuzzi. Hugh Lawson.
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Gulf Stocks fall as Iran strikes disrupt regional security
Investors pulled their money from Gulf?stocks as they feared?prolonged destabilisation after attacks by Israel and the U.S.?on Iran. Iran retaliated by?attacking Israel and?nearby?U.S. Targets in Arab Gulf Cities State media reported that the Iranian leader Ayatollah Ayatollah Khamenei was killed in the attacks, which began Saturday. On Sunday, witnesses reported explosions over Doha and in the Dubai region for a second consecutive day. Iran's retaliation against U.S. and Israeli strikes caused major regional airports to close, including Dubai. This was one of the worst aviation disruptions in recent years. Investors can measure the impact of trading in Middle East markets on all assets, from oil to safe haven currencies and gold. The benchmark Saudi Arabian share price index plunged by 4.6% during early trading, setting a record for the biggest intraday drop since April. Saudi National Bank, Al-?Rajhi Bank and Flynas were all in the negative at 4.5%. Saudi Aramco however saw a 2.3% increase. On Saturday, the kingdom said that Iran attacked Riyadh as well as the eastern part of its country. Boursa Kuwait has suspended all trade as a precautionary measure. Gulf stock markets are facing increased volatility and correction risk as geopolitical tensions drive a risk off mood and pressure prices and expectations. Investors will be watching regional developments and any further escalation, or damage to the real economy could intensify the "sell-off", he said. The?Muscat Stock Index trimmed its loss to just 1.5%, after sliding by more than 3% on a wide-based basis. Heavyweight?OQ Base Industries fell 2.2%. Qatar's stock market was closed on bank holiday and Bahrain's index fell?0.6%. Abuagla stated that disruptions to shipping through the Strait of Hormuz are also a major risk. They could affect sentiment and disrupt normal operations in a variety of sectors. Barclays increased its Brent crude price forecast on Saturday to around $100 per barrel from $80 the day before. (Reporting and editing by Christopher Cushing in Bengaluru, Ateeq Sharif in Bengaluru)
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Witnesses report hearing waves of explosions over Doha and Dubai for the second day.
Witnesses reported hearing loud blasts in Dubai and Doha, the capital of Qatar, for the second consecutive day on Sunday as Iran escalated its retaliatory attacks on Gulf neighbours in response to U.S. Iran had said that it would attack U.S. military bases in the Gulf region, but has actually hit a range of other targets. A Dubai Media statement stated that two?people? were injured after shrapnel fell from drones when they were intercepted. Dubai's airport international, the iconic Burj Al Arab Hotel and the posh Palm Jumeirah Island were all damaged. The Jebel Ali port area continued to be filled with thick black plumes of smoke after one of the berths had caught fire on Sunday due to debris from an aerial interception. Dubai is the largest tourism and trade hub of the Middle East, and its airport is a major travel hub. Qatar's interior minister said that it was responding to a small fire in an industrial area after debris from a missile intercepted fell. (Reporting from Andrew Mills and Maha El Dahan, in Dubai; editing by Edmund Blair and Christian Schmollinger).
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Belgium seizes suspected Russian shadow fleet tanker
Theo Francken, the Belgian Defence Minister, said that on Sunday an oil tanker belonged to the Russian shadow fleet. Western sanctions against Russia, imposed for its invasion of Ukraine and intended to cut its oil revenue, have led to a rise in a "shadow" fleet of tankers that help Moscow keep its crude exports flowing. Francken, in a X post dated early Sunday, said that "our armed forces have, with the help of 'the French Defence', boarded a Russian?shadow-fleet oil tanker over the...past few hours." The vessel is being escorted now to Zeebrugge where it will be confiscated. The ownership of shadow fleet vessels is typically opaque. This has raised concerns about the possible environmental risks. Poorly regulated and aged tankers are prone to leaks, mechanical failures and spills. They also threaten marine ecosystems. Putin cannot wage war on innocent Ukrainians without his shadow fleet. We take out these vessels. We take them out one by one. Francken added that Belgium would not rest until the war of aggression by Mr. Bush? stops. The Minister told? The minister told?
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Japan Shippers Stop Hormuz Operations After US and Israel Strikes on Iran
After the U.S. launched?military attacks?on Iran, Japanese shipping firms have halted?operations?around the Strait?of Hormuz. A spokesperson for Nippon Yusen said that the company had instructed its vessels to stop transiting in the area this Saturday. A spokesperson for Mitsui O.S.K. Lines stated, "We will not be navigating the Strait of?Hormuz and all related vessels are instructed to?remain on safe waters". They added that safety of crew, cargo and vessels was the "top priority". A spokesperson for 'Kawasaki Kisen' said that several of their ships are currently in the Persian Gulf on standby. He added that unlike other thoroughfares there is no option to divert the shipments. The spokesperson stated that "until the situation stabilises, we will neither attempt to send vessels across the strait nor dispatch any additional ships toward?the area." The Strait of Hormuz is a narrow waterway that connects Iran with Oman. It's one of the busiest oil chokepoints in the world. The strait is home to a large amount of LNG and about 20% of the world's?oil. (Reporting and writing by Maki Shraki, Kentaro Okasaka, Kevin Buckland. Editing by Christopher Cushing.
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China demands immediate ceasefire following US and Israeli strikes on Iran
China's Ministry of Foreign Affairs has expressed its concern about U.S. and Israeli?strikes on Iran. It has urged for an?immediate halt to the fighting and urged all parties to avoid escalation, and resume dialogue and negotiations. In a Saturday statement, the ministry stated that Iran's sovereignty and security, as well as its territorial integrity, should be respected. China's Embassy in Israel issued a warning to Chinese citizens living in Israel on Sunday. The notice advised them to leave the country for Egypt as soon as they could or move to safer areas. Israel and the United States launched an attack against Iran on Saturday to target its military capabilities. State media reported that Iran's supreme leader Ali Khamenei died in the attack. Separately Hong Kong's?airline operator Cathay Group suspended operations in the Middle East on Saturday, citing a?tension? that had developed following the strikes. Cathay Pacific Airways' parent company, Cathay, announced the suspension of?passenger flight services?to and from Dubai as well as freighter service?operating out of Al Maktoum International Airport in Dubai. It stated that it is rerouting flights that typically pass through the affected area. Reporting by Beijing Newsroom and Shanghai Newsroom; Editing Aidan Lewis and Christopher Cushing
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Sources say that oil and gas traders and majors have suspended shipments via Hormuz.
After the U.S. Trading sources said that Israel and Iran attacked each other, while Tehran announced it had shut down navigation. One top executive of a major trading firm said, "Our ships will remain in port for several days." Satellite images of tanker trackers revealed that vessels were parked next to large ports such as Fujairah, United Arab Emirates and were not passing through Hormuz. An official from the EU Naval mission Aspides? told that multiple vessels in the area received VHF transmissions from Iran's Revolutionary Guards that "no ships are allowed to cross the Strait of Hormuz". The British Navy stated that Iran's orders are not legally binding, and advised ships to transit with caution. Shipbroker Poten & Partners warned clients that although vessel traffic in the Strait of Hormuz is not entirely stopped, it has been disrupted. The U.S. Navy warned against navigation of the entire 'Gulf of Oman', the North Arabian Sea, the Strait of Hormuz, and all of the Gulf of Oman. According to an advisory seen on Saturday, Greece's Shipping Ministry advised vessels to avoid the Persian Gulf and Gulf of Oman, as well as the Strait of Hormuz. Around 20% of the world's oil, including that produced by Saudi Arabia, United Arab Emirates (UAE), Iraq, Kuwait, and Iran, is transported through Hormuz, along with large quantities of LNG from Qatar. Laura Page, from the consultancy?Kpler said that 14 LNG tankers showed signs of slowing, U-turning, or stopping around or in the Strait. She added that this number was likely to rise and pose risks for Qatari LNG exports. Hapag-Lloyd, a German container shipping group, has announced that it will'suspend all vessel transits through the Strait of Hormuz' until further notice. The company warned that services calling on Gulf ports may be affected by delays, rerouting, or schedule adjustments. Maersk, a Danish shipping company, said on its website in an update that was not dated that it coordinated with security partners for all operations in both the Red Sea and Gulf of Aden. However cargo acceptance in the Middle East remained available. The French shipping company?CMA CGM has said that it told its vessels in the Gulf or heading there to seek shelter when the United States and Israel attacked Iran. Reporting by Dmitri Zahdannikov and Marwa Rashad; Editing and editing by Aidan Lewis and Kevin Liffey; Louise Heavens, Edmund Klamann, and Edmund Klamann.
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Four injured in Dubai Airport after Iranian missile attack
Aviation sources said that four people were hurt in an attack on the international airport of Dubai overnight. Dubai's media office stated on X, "a concourse in Dubai International (DXB), sustained minor damages in an incident that was quickly contained," but did not provide any further details. Aviation sources said that one terminal at the airport, which is normally one of world's busiest hubs for aviation, was damaged in an overnight Iranian attack, which authorities publicly called an "incident." Sources also confirmed that Abu?Dhabi Airport International was hit. The sources did not specify whether or not the two airports were directly affected by missile interceptions, or if the damage was caused from debris that fell after the impact. Dubai Airports and Abu Dhabi Airports Company did not respond to our requests for comment. Iranian missiles have been fired at Abu Dhabi, Dubai, and Doha - all major east-west gateways. After the U.S., Israel and Iran launched attacks on Iran and Tehran responded with missile barrages, airlines suspended flights in and out of the Middle East. Flight-tracking charts?showed that the airspace in much of the Middle East was virtually?empty. Dubai Airports has suspended all flights from Dubai International Airport and Al Maktoum International Airport, urging passengers to avoid travel. Emirates and flydubai suspended operations while Etihad suspended all Abu Dhabi departures until Sunday morning. Reporting by Alexander Cornwell and Jaidaa Taka; Writing by Andrew Mills with editing by Deepa Babyington
Middle East flights suspended after US-Israel attack on Iran
On Sunday, airlines continued to cancel flights in the Middle East as most of the airspace was still closed. This is a day after Israel and the United States launched strikes on Iran killing the Iranian Supreme Leader Ayatollah Khamenei. The strike plunged the region into another conflict.
Flightradar24's maps showed that the airspace above Iran, Iraq?, Kuwait, Israel, Bahrain and the UAE, as well as Qatar, was virtually empty. Air strikes also forced major Middle Eastern airports such Abu?Dhabi, Doha and Dubai to close or be severely restricted.
The following is a list of the most recent flights by airline alphabetically:
AEGEAN AIRLINES
The largest airline in Greece has suspended flights to and from Tel Aviv, Israel, Beirut, Lebanon and Erbil (Iraq) until March 2.
AIR ASTANA
The group has cancelled all flights into the Middle East until March 3.
AIR CANADA
The airline has announced that it will cancel flights from Canada to Israel and Dubai until March 8, as well as flights to Dubai till March 3.
AIR EUROPA
Spanish Airlines cancelled flights to Tel Aviv for Sunday and Monday. The airline is currently monitoring the situation and will assess its operations starting Tuesday.
AIR FRANCE KLM
Air France has cancelled all flights on Saturday to and from Tel Aviv, Israel and Beirut, Lebanon.
KLM, its Dutch subsidiary, announced late Saturday that flights this weekend to and from Dubai Dammam Riyadh and other destinations were cancelled. The Dutch airline had already moved up the suspension date of its Amsterdam-Tel Aviv flight to Saturday.
AIR INDIA
The carrier has cancelled Sunday flights from Delhi, Mumbai, and Amritsar, to London, New York City, Chicago, Toronto and Paris. It added that additional flights were cancelled to London, Birmingham Amsterdam, Zurich Milan, Vienna, Copenhagen, and Frankfurt.
AZERBAIJAN AIRLINES
The airline has suspended all flights to and out of Dubai, Doha and Tel Aviv.
BRITISH AIRWAYS
British Airways, owned by IAG, has announced that it will cancel flights to Tel Aviv until March 3, and to Bahrain until March 3. It also cancelled its flight from Amman on Saturday.
CATHAY PACIFIC
Hong Kong-based Cathay Group, the parent company of Cathay Pacific Airways has suspended its operations in the region. This includes passenger flights from and to Dubai and Riyadh as well as freighter services at Al 'Maktoum Airport. This is Dubai's secondary airport, after Dubai International Airport. It is the hub for most of Dubai's passenger traffic.
EMIRATES
Due to the multiple closures of regional airspace, Emirates has suspended its operations into and out of?Dubai up until 3 pm UAE time on Wednesday March 2.
ETIHAD
Etihad, the UAE's national airline, said that flights departing Abu Dhabi had been suspended until Sunday at 2 p.m.
FLYDUBAI
The airline announced that it has temporarily suspended all flights from and to Dubai until Sunday at 3 pm local time.
IBERIA EXPRESS
Iberia Group, a Spanish airline, has cancelled a flight scheduled to depart from Tel Aviv at 5 pm local time on Saturday.
INDIGO
IndiGo, India’s largest airline, announced that it has extended the temporary suspension of selected international flights using Middle East Airspace until Monday.
ITA AIRWAYS
ITA Airways has suspended all flights to and out of Tel Aviv, and announced that it will not be using the airspace in Israel, Lebanon and Jordan, Iraq or Iran until March 7. Flights from and to Dubai have been suspended until March 1.
JAPAN AIRLINES
Nikkei reported that Japan Airlines had cancelled a flight from Tokyo Haneda on Saturday to Doha, as well as the return flight for March 1.
LOT POLISH AERLINES
The airline has suspended flights from Tel Aviv to Dubai until March 15, and has cancelled flights between Riyadh and Dubai until March 2.
LUFTHANSA
German Airlines suspended flights from and to Tel Aviv, Israel and Beirut, Lebanon until March 7th. Flights to and out of Dubai were also suspended on Saturday and Sunday.
The plane also announced that it would not be flying through the airspace of Israel, Lebanon, Jordan, Iraq and Iran until?March 7th.
NORWEGIAN AIR
A spokesperson for the Nordic airline confirmed that all flights to and from Dubai were suspended until March 4. He added that the carrier had not suspended flights to Tel Aviv, Israel or Beirut, Lebanon as these destinations were only active during summer.
PEGASUS Airline
The airline announced that flights to Iran and?Iraq as well as Jordan and Lebanon have been cancelled until March 2.
QATAR AIRWAYS
Flights are temporarily suspended due to the Qatari airspace closure. It will provide an update on Monday at 9 am local time.
SCANDINAVIAN AIRLINES
The airline informed that it had suspended Saturday's flight from Copenhagen to Tel Aviv. There has been no decision made about flights at other dates.
TURKISH AIRLINES
On Saturday, the airline cancelled all flights to Qatar, Kuwait and Bahrain as well as flights to the United Arab Emirates, Oman, and Jordan. Flights to Lebanon, Syria and Iraq were also canceled until March 2.
VIRGIN ATLANTIC
Virgin Atlantic has announced that it will temporarily avoid Iraqi Airspace. This will result in some pre-planned reroutings of flights. It also cancelled Saturday's VS400 flight from London Heathrow Airport to Dubai.
WIZZ AIR
With immediate effect, the Hungarian airline halted all flights to and from Israel as well as Dubai, Abu Dhabi, and Amman.
The statement added that the operational decisions will continue to be reviewed, and the flight schedule can be changed as circumstances change. Josephine Mason, Federico Maccioni, Barbara Lewis, Emelia Sithole Matarise, Cynthia Osterman and David Goodman edited the report.
(source: Reuters)