Stock markets across the Middle East have taken a dramatic tumble as a lifting of sanctions in Iran means the sector has suddenly been swamped with oil.
Share prices in all seven of the energy-rich Gulf states nosedived today following the sharp decline in oil prices as Iran prepares to resume crude exports after the lifting of sanctions.
London shares are braced for a second wave of crisis to hit when they open tomorrow morning after contagion from China sent the FTSE 100 to its worst start in history last week.
Share prices in the energy-rich Gulf states nosedived today following the sharp decline in oil prices as Iran prepares to resume crude exports after the lifting of sanctions (pictured: the Nasiriyah oil field in Iraq)
The plunge in the first day of trading in the Muslim week also follows heavy losses in global stock markets on Friday, when Gulf exchanges were closed for the weekend.
The price of oil, which contributes more than 80 per cent to Gulf states' revenues, shed more than 20 per cent this year to drop below $30 a barrel.
This follows a plunge of 65 per cent in the past two years.
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