Most Gulf bourses subdued as investors await Strait of Hormuz deal clarity

Gulf stock markets finished Sunday relatively subdued as investors waited for clarity on Oman’s proposed deal to reopen new shipping lanes through the Strait of Hormuz. Iran said its agreement with Oman is in the final stages, but would only be reopened after the U.S. meets additional conditions. Ahead of the news, a U.S. official told Reuters on Friday the pact is close and could bring the strait back in operation. The waterway carried about one-fifth of global oil and LNG shipments before Iran closed it on Feb. 28 following U.S. and Israeli attacks. Brent rose to $83.55 a barrel.