Middle East stock markets tumbled Monday as they struggled with the dual hit of the United States' new tariff policy and a sharp decline in oil prices, squeezing energy-producing nations that rely on those sales to power their economies and government spending.
That cost per barrel is far lower than the estimated break-even price for Saudi Arabia and most other countries producing energy in the Middle East.
That's coupled with the new tariffs, which saw the Gulf Cooperation Council states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates hit with 10% tariffs.
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