Stock markets in the United Arab Emirates fell in early trade, after Washington announced a maritime blockade on traffic to and from Iranian ports after weekend talks with Tehran failed to produce a deal to end the war, reports Reuters.

Dubai’s main share index dropped 1.8 per cent, dragged down by a 3.2pc fall in top lender Emirates NBD and a 2.9pc decrease in blue-chip developer Emaar Properties.

Among other stocks, budget airliner Air Arabia retreated 3.3pc.

In Abu Dhabi, the index lost 1pc, with Aldar Properties shedding 1.9pc, while Abu Dhabi Ship Building was down 3.2pc.

Meanwhile, Brent crude futures were up 7.3pc at $102 a barrel, gaining more than 40pc since the war shut navigation of the strait.