Iranian strikes have triggered regional shutdowns, with Saudi Arabia's benchmark index dropping more than 4% at the open and closing down 2.2%. Other Gulf stock markets also fell sharply, with Kuwait's exchange suspending trading until further notice. The strikes marked an escalation for Dubai, a city whose identity was built on being insulated from regional conflicts. The disruption landed at a particularly sensitive moment in the Gulf's business calendar as the strikes occurred during the Islamic holy month of Ramadan. Major international companies have cancelled or postponed conferences, while UAE companies are expected to open on Monday.