Most major Gulf stock markets were subdued in early Tuesday ‍trading as ‍investors booked profits and oil prices softened, while Qatar's ​index rose on upbeat annual earnings.

Oil prices - a catalyst for the ⁠Gulf's financial markets - edged down as traders gauged the potential for ⁠supply disruptions after U.S. ‌guidance for vessels transiting the Strait of Hormuz kept attention squarely on tensions between Washington and Tehran. 

Iran ⁠along with fellow OPEC members Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq export most of their crude via the Strait, mainly to Asia.

Saudi Arabia's benchmark ⁠index was down 0.1%, ​hit by a 0.8% fall in Al Rajhi Bank.

Separately, the kingdom's $925 billion Public Investment ‍Fund (PIF) plans to announce a new five-year strategy this week, two people ​with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.

Dubai's main share index dropped 0.6%, on course to snap a six-day winning streak, with toll operator Salik Co losing 2.2%.

Elsewhere, Dubai Investments retreated 3.2%, trimming part of the prior session's advance of 4.3% that followed a substantial increase in its annual ⁠profit.

In Abu Dhabi, the index, which ‌had risen for six consecutive sessions, slipped 0.1%.

The Qatari index gained 0.8%, with Qatar Navigation jumping 3.2%.

Among other gainers, telecoms ‌firm Ooredoo ⁠was up 2%, after reporting a rise in 2025 profit.

(Reporting by ⁠Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)