Most Gulf stock markets have fallen as escalating US-Iran attacks across the region stoked inflation concerns and strengthened expectations of further US interest-rate hikes, Reuters reports.

Qatar’s stock market index retreated 1.5pc, dragged down by a 3pc slide in the Gulf’s biggest lender by assets, Qatar National Bank. Qatar Gas Transport also fell 2pc.

Saudi Arabia’s benchmark index closed flat, with oil major Saudi Aramco rising 0.6pc. Since the war began, the kingdom has rerouted over 70pc of its usual daily crude exports to the Red Sea port of Yanbu.

Elsewhere, Bahrain’s index was down 1.2pc and Kuwait’s fell 0.4pc. Outside the Gulf, Egypt’s blue-chip index fell 0.7pc.

Saudi Arabia finished flat at 10,717. Qatar retreated 1.5pc to 9,955. Egypt was down 0.7pc to 52,560; Bahrain closed 1.2pc lower to 1,962; Oman declined 1pc to 7,407 and Kuwait dropped 0.4pc to 9,036.