Gulf Stocks Slide, Brent Hits Five-Month High After Houthi Strikes on Saudi Arabia

Gulf equity markets fell sharply on Oct. 22, 2026, after Iran-aligned Houthi forces launched fresh attacks on Saudi Arabia, with Brent crude jumping roughly 3% to a five-month high. Investors are reassessing exposure to banks, airlines and energy infrastructure across the region as fears mount over the Bab el-Mandeb and Strait of Hormuz chokepoints.