UAE markets retreated in early trade, as fears deepened that the ceasefire between Washington and Tehran could unravel after the US seized an Iranian cargo vessel, while traffic through the Strait of Hormuz remained largely suspended, reports Reuters.

Dubai’s main share index dropped 1.3 per cent, hit by a 1.6pc fall in blue-chip developer Emaar Properties and a 2% slide in toll operator Salik Co.

In Abu Dhabi, the index lost 0.3pc.