Most Gulf bourses ended higher on Tuesday as investors weighed upcoming corporate earnings, lower oil prices, and renewed U.S.-Iran tensions. Saudi Arabia’s benchmark index was increased by 0.4%, supported by a 3.1% rise in ACWA Power. Abu Dhabi’s index was lifted by 0.2%, while Dubai’s main share index was pushed up by 0.1% after du gained 2.2%. Qatar’s index was eased by 0.1%, with Qatar Islamic Bank losing 0.7%. Egypt’s blue-chip index was advanced by 1%, led by Commercial International Bank’s 2% gain.

US President Donald Trump has threatened a 100% tariff on imports from any country imposing a digital services tax on American companies. The proposed measure would override existing or future trade agreements with the United States, escalating trade tensions after European Union countries moved to meet Washington’s July 4 deadline for reducing tariffs on US goods.

Global oil prices fell sharply on Wednesday, with Brent crude dropping more than $3 to $73.22 per barrel, its lowest level since February. US crude futures also slipped below $70 a barrel for the first time since March. US Energy Secretary Chris Wright said around 20 million barrels of oil passed through the Strait of Hormuz in the last 24 hours, though normal shipping flows remain affected by Iranian mines in the waterway.