Saudi, Egyptian markets slump as US-Iran conflict roils region

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The drop would have been bigger had it not been for oil-producing giant Aramco, which makes up about 16% of the exchange’s weighting, climbing 3.4%. The company’s move up was because crude prices are likely to jump when global markets open in Asia.Most Read from BloombergMinneapolis Braces for Rent Crisis As ICE Surge Winds DownIt’s a Tough Time To Be a Black Real Estate DeveloperNew Tax Proposal Takes Aim at Thailand’s Salty Food ObsessionOslo Rebuilds Its Government Quarter with a New Focus: OpennessAlberta’s Deficit To More Than Double, Hit by Oil Price DropEgypt’s main index dropped 2.5%, extending its slump since mid-February, when the prospects of a US-Iran war rose, to more than 8%.Omani and Bahraini equities also weakened. Kuwait’s stock exchange halted trading as a “precautionary measure.” Israel’s market wasn’t open on Sunday as it recently switched to Monday-Friday trading.Egypt has been among the countries whose financial assets have been hardest hit by the soaring tensions in the past month. The Egyptian pound was among the world’s five-worst performing currencies last week, according to data compiled by Bloomberg. It weakened to around 48.8 per dollar on Sunday, its lowest level since mid-2025.Since the start of the Israel-Hamas war in Gaza in late 2023, Egypt’s suffered from shippers avoiding the Suez Canal, a big source of foreign revenue for the Arab country.Another blow came from Israel’s decision to cut off natural gas supplies to Egypt after the Jewish state and the US struck Iran on Saturday. The Islamic Republic unleashed a wave of retaliatory attacks across the Gulf and on Israel.Cairo, which previously received about 1 billion cubic feet of gas per day from Israel, is now seeking to bring forward some liquefied natural gas cargoes and buy more shipments for the summer, when demand peaks, Bloomberg reported.It’s all a reminder of how Egypt — despite its distance from Iran and its status as a regional linchpin — is particularly vulnerable to turmoil across the broader Middle East. Those factors helped Cairo secure a $57 billion global bailout in early 2024 as the Gaza war piled on pressures.What seemed like a slow revival of Suez transits after an October ceasefire in Gaza is now at risk. France’s CMA CGM SA, the world’s third-largest container line, on Sunday said it had suspended passage through the canal.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,878.88 -29.98 (-0.43%)Dow 3048,977.92 -521.28 (-1.05%)Nasdaq22,668.21 -210.19 (-0.92%)Russell 20002,632.36 -44.93 (-1.68%)VIX19.86 +1.23 (+6.60%)Gold5,247.90 +53.70 (+1.03%)Trending tickersBTC-USD Bitcoin USD 66,342.97 +503.71 (+0.77%)ETH-USD Ethereum USD 1,975.56 +43.43 (+2.25%)XRP-USD XRP USD 1.37 +0.02 (+1.86%)BTC-CAD Bitcoin CAD 90,599.61 +687.88 (+0.77%)SOL-USD Solana USD 83.96 +1.56 (+1.89%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 84.23 +30.54 (+56.88%)BWIN The Baldwin Insurance Group, Inc. 23.23 +4.74 (+25.64%)FIGS FIGS, Inc. 15.45 +2.98 (+23.90%)DELL Dell Technologies Inc. 148.08 +26.63 (+21.93%)PSKY Paramount Skydance Corporation 13.51 +2.33 (+20.84%)Top losersRUN Sunrun Inc. 13.25 -7.17 (-35.11%)FIGR Figure Technology Solutions, Inc. 25.28 -8.76 (-25.73%)CRWV CoreWeave, Inc. 79.56 -18.07 (-18.51%)ACA Arcosa, Inc. 107.48 -20.02 (-15.70%)TPC Tutor Perini Corporation 75.37 -14.01 (-15.67%)Most activeNVDA NVIDIA Corporation 177.19 -7.70 (-4.16%)NFLX Netflix, Inc. 96.24 +11.63 (+13.75%)NU Nu Holdings Ltd. 14.98 -0.08 (-0.53%)PLUG Plug Power Inc. 1.7900 -0.1200 (-6.28%)SOFI SoFi Technologies, Inc. 17.76 -1.34 (-7.02%)Top economic eventsEarnings eventsMy earnings eventsEarnings events