Major stock markets in the Gulf have been subdued in early trade today as investors awaited potential US-Iran negotiations in Doha amid a fragile ceasefire in the four-month-old war, Reuters reports.

Saudi Arabia’s benchmark stock index eased 0.2pc, dragged down by a 0.5pc fall in oil giant Saudi Aramco.

Brent crude futures for August delivery, which expire today, were down 1pc, or 75 cents, at $72.4 a barrel, as of 11:53am PKT. These levels are around $20, or 22pc, lower than last month’s closing.

Dubai’s main share index was down 0.1pc, with top lender Emirates NBD losing 0.7pc. In Abu Dhabi, the index fell 0.2pc. The Qatari index edged 0.1% higher, helped by a 1.5pc rise in Qatar Gas Transport.

Iranian and US negotiators were expected in Doha this week, but Iran said yesterday no meeting had been planned as weekend missile exchanges tested the interim ceasefire.