Stock markets across the Middle East collapsed as the lifting of economic sanctions against Iran threatened to unleash a fresh wave of oil onto global markets.
The Iranian stock index gained 1pc, making it one of the best performing markets in the world with gains of 6pc since the start of the year but all others seven stock markets in Gulf states crashed as panic gripped traders. Dubai’s DFM General Index slumped 4.8pc to 2,682.56. Saudi Arabia’s Tadawul All Share Index also collapsed by 7pc to 5,409.35, which is lowest in five years.
The relentless fall in prices is recorded lowest level in 12 years.