DUBAI: Middle East stock markets tumbled Monday as they struggled with the dual hit of the United States’ new tariff policy and a sharp decline in oil prices, squeezing energy-producing nations that rely on those sales to power their economies and government spending.
Benchmark Brent crude is down by nearly 15% over the last five days of trading, with a barrel of oil costing just over $63.
That’s down nearly 30% from a year ago, when a barrel cost over $90.
That cost per barrel is far lower than the estimated break-even price for Saudi Arabia and most other countries producing energy in the Middle East.
That’s coupled with the new tariffs, which saw…
