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MIDEAST STOCKS-Gulf bourses subdued as regional worries weigh

By Reuters News

Oct 19 (Reuters) - Major Gulf stock markets were subdued in early trade on Monday as tensions in the Middle East kept investors on edge, with a tanker blast in the Strait of Hormuz and uncertainty over the waterway's reopening adding to the caution.

An oil tanker caught fire and exploded after striking a naval mine in the southern part of the strait, Iran's Islamic Revolutionary Guard Corps navy said on Sunday, according to Iranian media.

Separately, Foreign Minister Abbas Araqchi told Iranian media that Tehran's offer to the United States to reopen the strait within seven days was still on the table.

Brent crude futures fell 2.08% to $107.57 a barrel by 0619 GMT after settling at their highest since May 19 on Friday, as investors took profits after US President Donald Trump waived sanctions and tariffs on Russia, a move that may lead to more Russian fuel exports. O/R

Saudi Arabia's benchmark index .TASI fell 0.3%, hit by a 1.7% drop in Saudi Arabian Mining Co 1211.SE and a 0.8% decline in the country's biggest lender by assets, Saudi National Bank 1180.SE.

Among other losers, oil behemoth Saudi Aramco 2222.SE was down 0.3%.

Dubai's main share index .DFMGI was flat, though Dubai Investments DINV.DU advanced 2.4%. The group plans to float a 20% stake in subsidiary DIP Holding, owner of the Dubai Investments Park real estate business, in the UAE's first initial public offering this year and one of only a few in the Gulf amid the Iran war.

In Abu Dhabi, the index .FTFADGI eased 0.2%, while the Qatari index .QSI lost 0.5% to trade at its lowest in more than six years.

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