Gulf stock markets fell in early trade as attacks on tankers in the Strait of Hormuz reached their highest levels of the war, cutting traffic through the vital waterway and deepening fears over supply, Reuters reports.
The latest attack came on Wednesday, when a tanker was hit by multiple projectiles 51 nautical miles north of Qatar’s Madinat ash Shamal, causing casualties, according to the United Kingdom Maritime Trade Operations (UKMTO).
The surge in attacks came just as Gulf producers were pushing to export more.
Saudi Arabia’s benchmark index dropped 0.9 per cent, with the country’s biggest lender by assets, Saudi National Bank, declining 2.6pc.
Shipping traffic quickly took the hit. The number of vessels passing through the Strait of Hormuz fell to its lowest in more than two months, shipping data showed.
