Most Gulf equities were subdued in early trading as renewed uncertainty over the Strait of Hormuz and the state of US-Iran talks dampened optimism over a fragile ceasefire, with Tehran saying talks had progressed but major gaps remained, Reuters reports.

Saudi Arabia’s benchmark index fell 0.3pc in a choppy trade, hit by a 0.7pc drop in oil major Saudi Aramco.

On Friday, oil prices settled roughly 9pc lower after Iran said commercial shipping could resume through the Strait of Hormuz for the duration of the ceasefire, and Trump said Tehran had agreed not to close the waterway again.

In Qatar, the index lost 0.2pc, with telecoms firm Ooredoo falling 1.5pc.

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