Middle East stock markets trade down amid conflict fears

Major stock markets in the Middle East are trading down on fears of a conflict between Iran and the US after an American drone strike killed Iranian Gen. Qassem Soleimani.

The Boursa Kuwait closed down 4%. The Dubai Financial Market closed down just over 3%. Riyadh’s Tadawul was down over 2% as trading continued. 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.

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

— AP

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