Most Gulf markets trade up, unfazed by rising regional tensions as US strikes Iran
LONDON: Most stock markets in the Gulf were trading higher on Sunday, relatively unscathed by escalating tension in the region following US strikes on Iranian nuclear sites, as investors assessed the potential economic impact of the conflict.
US forces struck Iran's three main nuclear sites late on Saturday, and President Donald Trump warned Tehran it would face more devastating attacks if it does not agree to peace.
By around 0915 GMT, Saudi Arabia's benchmark index had edged 0.4 percent higher, helped by a 0.7 percent rise in the country's biggest lender, Saudi National Bank. Qatar's benchmark index had gained 0.2 percent, reversing slight early losses.
'It is admittedly a bit surprising to see regional equities shrugging off the US strikes on Iran with relative ease, with opening losses having pared relatively rapidly,' said Michael Brown, Senior Research Strategist at Pepperstone.
Brown said that the markets had already discounted the probability of a US attack, and investors anticipated a swifter resolution to the conflict following the attacks.
The market is focused on whether the conflict spreads to other nations in the region, with there being no sign of that happening right now, he added.
Bahrain and Kuwait, home to US bases, made preparations on Sunday for the possibility of the conflict spreading to their territory, with Bahrain urging drivers to avoid main roads and Kuwait establishing shelters in a ministries complex.
Kuwait's premier index reversed early losses to trade 0.3 percent higher by around the same time, while Bahrain's main index was flat. The Omani share index was up 0.5 percent.
Elsewhere in the Middle East, Egypt's benchmark index was trading 1.7 percent higher, while the main index in Tel Aviv was up around 1 percent to reach its all-time high.
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What do we know about US strikes on Iran's nuclear facilities?
DUBAI: Amid mounting speculation, the US launched air strikes on three of Iran's nuclear facilities on Saturday. The operation aimed to support Israel in its war against Iran — ongoing since June 13 — by crippling Tehran's uranium enrichment capacity, according to Asharq News. US President Donald Trump later announced that Iran's uranium-enrichment abilities had been eliminated, warning Tehran against any 'retaliatory response.' Tehran, however, described the damage as 'limited' and dismissed any indications of radiation leaks. The US strikes included 14 bunker-buster bombs, more than two dozen Tomahawk missiles and over 125 military aircraft, in an operation the top US general, General Dan Caine, said was named 'Operation Midnight.' Asharq News reported that the strikes targeted three critical nuclear facilities instrumental in Iran's nuclear fuel cycle: Fordo, Natanz and Isfahan nuclear complex. These sites span the entire fuel-enrichment chain — from raw uranium conversion, through enrichment, to the production of fuel and technical components for research reactors. • The first B-2 bomber was publicly displayed on Nov. 22, 1988, but its first flight was on July 17, 1989. • The combat effectiveness of the B-2 was proved in the Balkans, where it was responsible for destroying 33 percent of all Serbian targets in the first eight weeks. • In support of Operation Enduring Freedom, the B-2 flew one of its longest missions to date from Whiteman to Afghanistan and back. • The B-2 completed its first-ever combat deployment in Iraq, flying 22 sorties and releasing more than 1.5 million pounds of munitions. Fordo facility Location and structure: Fordo is 30 kilometers northeast of Qom, embedded within a mountain at an altitude of approximately 1,750 m, with over 80 meters of rock and volcanic shielding — making it one of Iran's most fortified sites. Technical role: It houses two underground halls that can hold about 3,000 IR-1 centrifuges, enriching uranium up to 60 percent — a level nearing weapons -grade. Strategic importance: It is a primary target in any military effort to prevent Iran from achieving nuclear military capability, due to its high capacity and protection. Natanz reactor Location and structure: Situated near Kashan in central Iran, partially buried under about 8 meters of earth with a 220meter-thick concrete roof, naturally shielded by surrounding mountainous terrain. Technical role: Contains primary and experimental plants with over 14,000 centrifuges (IR-1, IR-2m, IR-4, IR-6), making it Iran's main industrial enrichment hub. Strategic importance: Responsible for producing most of Iran's low-enriched uranium and plays a key role in centrifuge development. Isfahan nuclear complex Location and structure: Located south of Isfahan on an arid plateau away from populated areas, it is neither buried nor heavily fortified. Technical role: Includes a Uranium Conversion Facility (UCF); a research reactor fuel production plant; and a metallic fuel pelletizing plant, and three research reactors. Strategic importance: Serves as the backbone of Iran's nuclear research and production infrastructure, supplying both Natanz and Fordo. The Pentagon used some of the world's most advanced aircraft for Saturday's strikes. The B-2 Spirit is a multi-role bomber capable of delivering both conventional and nuclear munitions. The bomber represents a major milestone in the US bomber modernization program. The B-2 brings massive firepower to bear anywhere on the globe through seemingly impenetrable defenses. According to US officials, the bombers that carried out the Iran strikes flew for nearly 37 hours non-stop from its Missouri base, refueling in mid-air multiple times before striking in the early hours of Sunday. A B-2 bomber offers several key advantages, primarily due to its stealth capabilities and global reach. • A range over 11,000 km without refueling, capable of global reach from distant American bases. • Stealth abilities such as flying-wing design and radar-absorbing materials that allow it to evade air defenses. • It can carry both nuclear and conventional weapons, including the GBU‑57 bunker-buster bomb. Initial reports quoted by Asharq News indicated that Fordo was hit with the GBU‑57, the most powerful US conventional bunker buster, designed for deeply buried targets like Fordo, which lies 90 meters underground. Fox News reported six bunker-busting bombs were dropped on Fordo, alongside approximately 30 Tomahawk cruise missiles fired at Natanz and Isfahan. The GBU‑57 'Massive Ordnance Penetrator' was designed by American military engineers to devastate deeply buried bunkers without radioactive fallout. It was the only nonnuclear weapon that could reach Iran's hardest target. • Weight: ~13,600 kg • Length: 6.2 meters. • Diameter: 0.8 meters. • Explosive payload: 2,400 kg of high explosives. • Guidance: GPS + inertial navigation. * Penetration: Up to 60 meters of reinforced concrete or dense rock. A Tomahawk cruise missile is a precision weapon that launches from ships, submarines and ground launchers and can strike targets precisely from a great distance, even in heavily defended airspace. • Range: 1,250–2,500 km depending on variant. • Speed: Subsonic (~880 km/h). • Guidance: Inertial navigation, GPS, with some variants using terminal guidance (TERCOM, DSMAC). • Warhead: ~450 kg conventional explosives. • Launch platforms: Ships and submarines. There has been a torrent of responses to the US move against Iran, Asharq News reported. President Trump declared the mission's success, stating that the Fordo facility was 'gone,' and Iran's primary nuclear enrichment sites 'completely and utterly destroyed.' Later on Sunday, US Defense Secretary Pete Hegseth said the strikes were an incredible and overwhelming success that have 'obliterated Tehran's nuclear ambitions.' For its part, Iran's Tasnim News Agency quoted an official saying the nuclear sites had been evacuated in advance, and the damage was 'not irreparable.' The Atomic Energy Organization of Iran stated there was 'no risk of any radiation leak.' Iran emphasized its nuclear industry would not be halted.
Arab News
an hour ago
- Arab News
Saudi Arabia condemns suicide attack on Syrian church
RIYADH: Saudi Arabia on Sunday condemned a suicide attack on a church in Damascus that killed at least 20 people. Syria's interior ministry said in a statement that 'a suicide attacker affiliated with the Daesh terrorist group entered the Saint Elias church in the Dwelaa area of the capital Damascus where he opened fire then blew himself up with an explosive belt.' The Foreign Ministry emphasized the Kingdom's position rejecting the targeting of places of worship, the terrorizing of civilians, and the shedding of innocent blood. It affirmed the Kingdom's support for the Syrian Arab Republic against all forms of violence, extremism, and terrorism.
Arab News
2 hours ago
- Arab News
US orders more diplomatic staff to leave Iraq, Lebanon
BAGHDAD: The United States has ordered staff from its diplomatic missions in Iraq and Lebanon to leave the countries, with the departures taking place as American strikes on Sunday targeted nuclear facilities in nearby Iran. More diplomatic personnel left Iraq on Saturday and Sunday as part of ongoing efforts to 'streamline operations,' a US official told AFP. The departures were a continuation of a process that started last week 'out of an abundance of caution and due to heightened regional tensions,' the official added. In Lebanon, the US embassy said the State Department on Sunday had ordered staffers' family members and non-emergency US government personnel to leave the country. A statement on the embassy website cited 'the volatile and unpredictable security situation in the region.' Earlier in the day, Washington joined Israel's war against Iran, with US President Donald Trump announcing strikes on the Islamic republic's main nuclear sites. After the strikes, an adviser to Iran's supreme leader warned that bases in the region used to launch US attacks 'will be considered legitimate targets.' Fears were also growing over possible intervention by Iran-backed armed factions around the Middle East, who have threatened Washington's interests should it join Israel's campaign. Israel has already fought a war in Lebanon with the Tehran-backed militant group Hezbollah, leaving it badly weakened before a ceasefire took hold in November. On Sunday, Hezbollah said the US strikes revealed 'the true face of the United States of America as the largest threat to regional and international security and stability.' The group has not previously expressed any intention to intervene militarily on Iran's side, but its chief Naim Qassem said last week that it would 'act as we see fit.' Washington has a 'do not travel' advisory in place for Lebanon. Iraq, meanwhile, has for years navigated a delicate balancing act between its allies Tehran and Washington, has also long been a fertile ground for proxy battles. On Sunday, the Iraqi government expressed 'its deep concern and strong condemnation of the targeting of nuclear facilities' in Iran, spokesperson Basim Alawadi said. 'This military escalation constitutes a grave threat to peace and security in the Middle East and poses serious risks to regional stability,' he added.
