Gulf stock markets slide despite oil price bump as Saudi Arabia launches airstrikes on Yemen

Associated Press

Stock markets across the Gulf Arab region and other parts of the Middle East have closed slightly lower, an expected tumble that began as markets opened after Saudi Arabia launched airstrikes overnight on neighboring Yemen.

Oil prices rose on the backs of jitters over the escalation in Yemen with Brent crude up $2.34 at $58.81.

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The biggest drops were in Oman and Kuwait, where markets closed around 2.5 percent lower. Markets in Bahrain, Qatar and Dubai slipped just under one percent.

Egypt's EGX 30 dropped 1.6 percent at closing Thursday, the final day of trading for the week across the region.

Saudi Arabia's stock market had lost 5 percent on Wednesday, but gained nearly a half percent by closing Thursday, alongside the bump in higher oil prices.