Gulf stock markets fall as oil prices return to pre-war levels Most stock markets in the Gulf closed lower on Thursday, as oil prices fell back towards levels last seen before the start of the US-Israeli war on Iran. The decline came after a preliminary agreement between the US and Iran paved the way for the reopening of the Strait of Hormuz. Oil prices, a key driver for Gulf financial markets, extended losses as expectations of increased Middle East supply outweighed concerns over demand, according to the Reuters news agency.