Gulf stocks muted as oil declines; Pakistan-mediated Iran talks in focus

Meanwhile, QatarEnergy issued its first tender to offer crude through ship-to-ship transfers outside the Strait of Hormuz, joining other Gulf producers in moving loading operations beyond the waterway, trade sources said.

Saudi Arabia's benchmark index .TASI fell 0.1%, with most constituents in negative territory. Oil giant Saudi Aramco 2222.SE lost 0.5%, while Rabigh Refining and Petrochemical 2380.SE dropped 3%.

Al Moammar Information Systems 7200.SE rose 3% after the IT solutions provider won an expanded HUMAIN award to increase an AI data-centre project's capacity to 250 megawatts from 50 MW. The contract is valued at more than 689% of MIS' 2025 revenue.

Dubai's main index .DFMGI slipped 0.1%, weighed down by a 0.7% fall in Emirates NBD ENBD.DU and a 1.5% decline in Tecom Group TECOM.DU.

Abu Dhabi's benchmark .FTFADGI lost 0.4%, dragged by a 2% drop in Abu Dhabi Islamic Bank ADIB.AD and a 0.9% fall in ADNOC Gas ADNOCGAS.AD.

Qatar's index .QSI edged up 0.1%, as Industries Qatar IQCD.QA gained 0.7% and telecoms firm Ooredoo ORDS.QA advanced 1.2%.

Gulf stock markets were subdued in early trade on Wednesday as oil prices fell, while investors assessed fresh U.S. economic pressure on Iran and signs of progress in Pakistan-mediated talks with Tehran.

Brent crude, a key catalyst for Gulf markets, tumbled more than $2 a barrel on hopes that the Strait of Hormuz could reopen. It was down to $86.28 a barrel at 0447 GMT.