Major Gulf equity markets open lower after Washington reinstated its naval blockade against Iran, with both nations escalating military strikes around the Strait of Hormuz, intensifying concerns over global energy supply disruptions, Reuters reports.

Dubais main share index ‘has dropped more than 1 per cent, with top lender Emirates NBD gaining 1.2pc.

In Abu Dhabi, the index has eased 0.3pc.

Saudi Arabias benchmark index has lost 0.2pc, hit by a 0.5pc fall in Al Rajhi Bank .

Oil major Saudi Aramco gained 0.8pc as oil prices rose.