Gulf stock markets were subdued in early Thursday trade as investors weighed stalled efforts to end the US-Iran conflict, continued disruptions to shipping through the blockaded Strait of Hormuz and a softening outlook for oil demand, Reuters reports.

Saudi Arabia’s benchmark index was down 0.1%, with Saudi Arabian Mining Co losing 0.9 per cent. Elsewhere, oil major Saudi Aramco lost 0.2pc.

Brent futures slipped $1.22, or 1.4pc, to $87.82 a barrel by 0750 GMT (12:50pm PKT).

The kingdom’s crude exports from the Red Sea are becoming increasingly difficult to track as tankers disable their transponders to reduce the risk of Houthi attacks, with analysts saying all recent loadings from Yanbu have been carried out “dark.”

Dubai’s main share index eased 0.1pc, hit by a 1.1pc fall in utility firm Dubai Electricity and Water Authority. In Abu Dhabi, the index added 0.2pc. The Qatari index fell 0.4pc, weighed down by a 3.5pc slide in petrochemical maker Industries Qatar.