UAE Stocks Extend Losing Streak as US Weighs Resumption of Military Action on Iran

07:41 AM EDT, 10/08/2026 (MT Newswires) -- Shares in the United Arab Emirates extended their losses to a third day as oil prices rose amid fears of renewed US strikes on Iran ahead of November midterm elections. At the close of Thursday trading, the FTSE ADX General Index dropped 1.598%, while the DFM General Index lost 1.667%. Oil prices edged up on reports from multiple media outlets that US President Donald Trump no longer wants a deal with Iran and is preparing to resume "massive bombing" on its energy and nuclear infrastructure. Brent crude oil futures stood at nearly $105.02 per barrel as of 3:31 pm UAE time, up 4.81% from the previous day. On the economic front, the September Federal Open Market Committee meeting minutes showed that most US Fed officials expect one more rate hike by the end of 2026. "Our October baseline calls for rate hikes in October and December. The exact timing will depend on how officials' assessment of the risks to inflation and the labor market evolves. We're expecting the September inflation data due out next week will tip the majority to support another hike as soon as its meeting later this month," Oxford Economics said. Zooming in at home, the Abu Dhabi Registration Authority recorded a 5% increase in new economic licenses in the first half, compared with the same period a year ago. The increase reaffirms investors' confidence in the region's economy amid ongoing geopolitical and economic conditions. On the corporate side, Agility Global (ADX:AGILITY) secured a 500 million-euro credit facility from a group of international lenders to meet the group's ongoing financing requirements. The investment and asset management company closed the session 0.69% lower. Dubai-listed lender Mashreq Bank (DFM:MASQ) partnered with Expo City Dubai to offer off-plan home financing options to customers looking to purchase under-construction projects within the latter's portfolio. Mashreq Bank shares ended the session 1.24% in the red.