Gulf markets drop 6% on low oil, Iran deal
Stock markets in the energy-rich Gulf region nosedived Sunday, with Qatar and Dubai shedding 6.0 percent each, over the plunge in oil prices and the lifting of sanctions on Iran.
The Abu Dhabi market shed 4.5 percent and Kuwait's 2.3 percent.
The lifting of sanctions on Iran will allow the Islamic republic to raise its oil exports, worsening a production glut that has sent oil prices crashing.
(Developing story)
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