US-Iran tensions drag down Mideast markets as oil prices rise

Brent crude traded up 3.5% to $68.60 a barrel

BEIRUT (AP) — Major stock markets in the Middle East traded down on fears of a conflict between Iran and the U.S. after an American drone strike killed Iranian Gen. Qassem Soleimani.

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The Boursa Kuwait closed down 4%. The Dubai Financial Market closed down just over 3%. Riyadh's Tadawul was down over 2%. The Abu Dhabi Securities Exchange fell 1.42%.

Egypt's stock exchange also fell 4%.

Meanwhile, oil prices continued to rise. Brent crude traded up 3.5% to $68.60 a barrel.

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The U.S. killed Soleimani on Friday. Early Sunday, as Iran threatened "harsh retaliation," President Donald Trump tweeted the U.S. was prepared to strike 52 sites in the Islamic Republic if any Americans are harmed.

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