UAE’s Capital Markets Authority shut both the Abu Dhabi (ADX) and Dubai Financial Market (DFM) stock exchanges for March 2–3 after Iran struck major ports and oil tankers across the Middle East.
The ADX and DFM are the two primary equities exchanges in the United Arab Emirates, together serving as the Gulf region’s key capital market hubs.
Why it matters:
- Iran’s strikes effectively blocked the Strait of Hormuz, the chokepoint through which roughly 20 million barrels of oil per day and nearly 20% of global LNG exports transit.
- A sustained Hormuz closure could push oil above $100 per barrel, according to Kobeissi Letter analysis, spiking US CPI inflation toward 5%.
- War-risk insurance costs have reportedly jumped ~50%, adding hundreds of thousands of dollars per voyage and reducing global trade flow.
- Shipping reroutes around Africa add 10–14 extra days to deliveries, slowing just-in-time manufacturing supply chains.
The details:
- UAE’s Capital Markets Authority ordered the two-day closure explicitly to prevent panic selling; officials said it is not a public holiday.
- The exchange shutdown followed Iranian strikes on regional ports.
- Meanwhile, Israel extended its state of emergency through March 12, 2026.
- Qatar, one of the world’s largest LNG exporters, faces potential supply delays as the Hormuz route remains disrupted.
The big picture:
- Gold surged 13% and oil rose 20% over six weeks prior to the strikes, suggesting markets had already priced in geopolitical risk.
- Analysts at Bull Theory compare potential LNG disruption to the 2022 European energy crisis, when governments drew down emergency reserves.
- Trump’s stated policy goals — low inflation and $2.00/gallon gas — conflict directly with a prolonged Iran conflict, which analysts say creates political pressure for a swift resolution.
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