HomeBusinessWorld NewsGulf markets plunge on US-Iran tensions, Kuwait leads fallUpdated Jan 05, 2020 | 15:07 IST | Reuters The Saudi market plunged 2% at the market open, with shares of in oil giant Saudi Aramco down 0.7%.Gulf stocksPhoto Credit: Thinkstock Gulf markets plunge on US-Iran tensions, Kuwait leads fall (Representational Image)https://www.timesnownews.com/business-economy/world-news/article/gulf-markets-plunge-on-us-iran-tensions-kuwait-leads-fall/535962DUBAI: Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran. Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a U.S. drone strike on his convoy at Baghdad airport.The killing is seen by Tehran as an act of war that risks regional conflagration. The Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8% in early trade, Dubai stocks were down 1.8% and the Abu Dhabi index fell 1.1%. The Saudi market plunged 2% at the market open, with shares of in oil giant Saudi Aramco down 0.7%."A US-Iran war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in Iran's economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging markets economist at Capital Economics, said in a note last week.He said while a U.S.-Iran conflict would probably pressure equity and bond markets in the Middle East, Gulf countries' currency pegs to the U.S. dollar would likely remain intact.Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies. [O/R] India Economic Conclave 2019 - It’s time to put India’s $5 Tn Aspiration into Action.Trending NowBB13 fans get #ViewersChoiceAsim trending on Twitter BB13 fans get #ViewersChoiceAsim trending on Twitter Ileana D'Cruz looks amazing in a white-red bikiniIleana D'Cruz looks amazing in a white-red bikini Rangoli brings up Ranveer's childhood pic in nepotism rowRangoli brings up Ranveer's childhood pic in nepotism row Vijay wants to steal KGF director from YashVijay wants to steal KGF director from Yash New poster of Malang featuring Disha and Aditya out New poster of Malang featuring Disha and Aditya out Late Kushal Punjabi's wife Audrey talks about their marriageLate Kushal Punjabi's wife Audrey talks about their marriage Siddhant is a 'starry-eyed boi' in these throwback photosSiddhant is a 'starry-eyed boi' in these throwback photos ‘Shot buddy!’ Yuvraj's impressed by actress' straight drive‘Shot buddy!’ Yuvraj's impressed by actress' straight drive Recommended VideosWATCH: Iran Ambassador Ali Chegeni on General Soleimani's death & Donald Trump's controversial comment 07 MIN 18 SECUS & Iran Slug It Out: Decoding India Impact | India Development DebateUS & Iran Slug It Out: Decoding India Impact | India Development DebateWatch: Qasem Soleimani killed in US airstrike at Baghdad International airportWatch: Qasem Soleimani killed in US airstrike at Baghdad International airportWATCH: How will the U.S-Iran tension impact India? All you need to knowWATCH: How will the U.S-Iran tension impact India? All you need to knowWatch: What Does US- China Trade Deal Mean For India?Watch: What Does US- China Trade Deal Mean For India?by TaboolaSponsored LinksYou May LikeThis Simple Trick Melts Belly Fat While You Sleep (Try Tonight) (वजन घटाएँ)LiveHealthyCost of Hair Transplant in Dimapur May Surprise YouHair Transplant | Sponsored Linksक्या आप तैयार है? 1 करोड़ का टर्म जीवन बीमा मात्र ₹490* प्रति माह.Get Term Life InsuranceCadbury Wants Your Recipe For Its Next ChocolateCadbury Dairy MilkLoading... Loading...Loading... Loading...Loading... Loading...ElectionsAbout UsContact UsPrivacy PolicyRegulatoryDisclaimerTerms & ConditionsComplaint RedressalSyndicationEditorial Guidelines© 2020 Bennett, Coleman & Company LimitedHomeEntertainmentIndiaSportsLifestyleTech & GadgetsBusinessHealthEducationVideosPhotosBuzzMirror NowThe NewshourIndia UpfrontAstrologyTimes Channel Packs#HSIC 2018Latest NewsTodayTrending NewsLive TVAutoSpiritualityAd

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