Middle East markets brace for US Iran sanctions, Hormuz shipping data

Middle East stock markets are set to open Monday against a backdrop of geopolitical tension and mixed global cues. Investors are awaiting details of new US sanctions on Iran, which Washington has described as an 'economic D-Day.' Oil prices slipped in early trading as the market positioned for the announcement, while gold touched a three-month high ahead of US inflation data and a speech by the Federal Reserve chair.

Gulf equity markets, however, closed the previous session higher, supported by firmer crude prices. Data over the weekend showed fewer than 20 ships transited the strategic Strait of Hormuz, a key chokepoint for global oil shipments. Analysts note that the focus on crude volumes may obscure a more pressing shortage of refined fuels.

In regional corporate news, Saudi Arabia's ACWA Power signed storage services agreements with Saudi Power Procurement Company, while mining firm Ma'aden closed a $1 billion inaugural international term loan and revolving credit facilities. In Iraq, state marketer SOMO and QatarEnergy have offered crude for loading inside Hormuz via tenders, according to sources.

On the diplomatic front, Syria's foreign minister said Israel security talks could resume despite a lack of trust, following US-mediated discussions between the two countries. In Gaza, Israeli airstrikes killed two people, including a four-year-old boy, medics reported.

Elsewhere, Bahrain's Mumtalakat appointed Noora Abdulrahman Jamsheer as CEO of Synergy Shared Services Company. Iran announced the discovery of over 7.5 trillion cubic feet of natural gas, while Egypt's central bank approved new customer verification rules for online banking.