Qatar declared force majeure on gas exports on Wednesday amid the US-Israeli war on Iran, with sources saying it may take at least a month to return to normal production volumes.

The move means global gas markets will experience shortages for weeks even in the unlikely scenario the conflict ends today, as Qatar supplies 20 per cent of global liquefied natural gas.

State energy giant Qatar Energy (QE) stopped producing gas this week.

Qatar accounts for about 20 per cent of global LNG exports, all of which transit the Strait of Hormuz, where shipping has ground to a near-halt amid the US-Israeli war on Iran and Tehran’s retaliation.

Qatar supplies Europe and predominantly Asian markets, with over 80 per cent of its customers in China, Japan, India, South Korea, Pakistan and other countries in the region.

Force majeure is a clause that frees parties from liability if any failure to meet supply obligations is ​due to events beyond their control.

QE has started contacting some of its clients in Asia and Europe, but has not told them how long the shutdown might last, sources told Reuters.

The production halt has intensified competition between the Atlantic and Pacific basins for LNG cargoes, sending European and Asian gas prices and LNG freight rates to multi-year highs.

Stocks in Dubai and Abu Dhabi tumbled on Wednesday as markets reopened after a two-day halt following Iran’s unprecedented wave of missile and drone attacks on the Gulf nation on Sunday.

The UAE’s Capital Markets Authority closed the ADX and DFM on March 2 and March 3, an extraordinary step outside usual holiday and mourning closures.

Market cap stands at roughly $1.1tr across both exchanges.

The closure froze trading in billions of dollars’ worth of listed assets as investors awaited clarity on the scale of damage from the weekend strikes on airports, ports and residential areas across both emirates.

Dubai’s main share index slid 4.7 per cent, its biggest intraday drop since May 2022, in broad-based declines led by blue-chip developer Emaar Properties 4.9 per cent, while budget airline Air Arabia retreated 5 per cent.

Airlines and the tourism sector rushed to respond to more than 20,000 flight cancellations, while governments moved quickly to repatriate travellers stranded in the Middle East.

Top lender Emirates NBD dropped 5 per cent.

In Abu Dhabi, the index fell 3.3 per cent, also the steepest decline since May 2022, with biggest lender First Abu Dhabi Bank FAB.AD losing 5 per cent. Among energy stocks, Dana Gas and TAQA were down 5 per cent each.

Aldar Properties was down 5 per cent.

ADNOC — the parent across the fuel distribution, drilling, logistics, and gas chain — came under pressure, the entire complex sold off in tandem.

Both exchanges said they would temporarily set the lower price limit for securities at -5 per cent.

The Abu Dhabi Securities Exchange has told listed companies to immediately assess financial and operational exposure and promptly disclose any material information that could influence investor decisions.

Abu Dhabi Commercial Bank plunged 4.9 per cent. The UAE‘s third-largest lender by assets said it has restored its mobile banking app after a disruption that also hit its contact centre, with some features still being reinstated.

The closure sent investors the message that regulators are prioritising orderly price discovery over a volatility rollercoaster, said Ahmad Assiri, a research strategist at Pepperstone.

Traders should expect a volatile price-discovery phase as markets reprice two days of global and regional developments. Volumes may run well above average as pent-up orders hit the tape, Assiri added.

“Because the Saudi market has already absorbed the initial shock, recovering from a 5 per cent Sunday drop to post gains by Tuesday, the UAE reopening is expected to follow this recovery template to some extent,” Assiri said.

Saudi Arabia’s benchmark index rose 1 per cent, on course to extend the previous session’s gains, led by an increase of 0.9 per cent in Al Rajhi Bank 3 per cent while petrochemical maker Saudi Basic Industries Corp trimmed early gains to trade 1.2 per cent, although the company swung to a massive net loss in 2025.

That outcome was mainly due to impairments and losses related to the divestment of assets in Europe and the Americas.

Jabal Omar Development – which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca – advanced about 5 per cent, following a steep rise in annual profit.

Elsewhere, budget airline flynas rose 2.1 per cent.

However, oil major Saudi Aramco fell 0.7 per cent.

Oil prices rose 3 per cent as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.

In Qatar, the index added 0.6 per cent, with Qatar Islamic Bank QISB.QA advancing 1.1 per cent.

However, Industries Qatar fell 1.3 per cent, as the petrochemical maker announced plans to suspend and cut some products.

Muscat’s index lost 0.7 per cent, whereas the Bahraini index .BAX was down 0.8 per cent.

The Kuwaiti index eased 0.2 per cent.

Outside the Gulf, Egypt’s blue-chip index retreated 1.6 per cent.

The UAE has officially confirmed the dates for the upcoming spring break for students and academic staff nationwide, while also announcing an extension of distance learning ahead of the holiday.

Read more-CBSE postpones class 10, 12 board exams in the GCC

In a joint statement, the Ministry of Education and the Ministry of Higher Education and Scientific Research, following approval from the Education, Human Development and Community Development Council (EHCD), said the spring break will begin on Monday, March 9, 2026, and continue until Sunday, March 22, 2026.

The holiday will apply to all students, as well as academic and administrative staff, across public and private schools and universities throughout the country. Classes and official working hours will resume on Monday, March 23, 2026, when institutions return to their regular academic schedules.

Officials said the break is part of the UAE’s academic calendar and is intended to give students and educators time to rest and recharge before completing the remainder of the academic term.

The announcement was released by the UAE Government Media Office on behalf of the Ministry of Education and the Ministry of Higher Education and Scientific Research.

Distance learning extended until March 6 earlier

Separately, the Ministry of Education (MoE) and the Ministry of Higher Education and Scientific Research (MoHESR) confirmed that distance learning has been extended until Friday, March 6, 2026.

The decision applies to students and academic and administrative staff across both public and private schools and universities, according to a WAM report.

The ministries said they will “closely monitor developments” and take any additional measures required to safeguard the wellbeing of students and the wider educational community.

Fujairah International Airport, in partnership with SalamAir of the Sultanate of Oman, has announced a series of charter flights to support travellers seeking to return home amid ongoing regional challenges.

The special humanitarian flights will operate via Muscat on March 4 and 5, 2026, connecting Fujairah with five major international destinations: Calicut, Hyderabad, Lucknow, Istanbul and Karachi, according to a WAM report.

Read more-Which UAE flights are cancelled and when services resume

Bookings can be made directly through SalamAir’s official website or through authorised travel agents.

Coordinated response effort

Airport officials said the partnership underscores Fujairah International Airport’s continued commitment to facilitating humanitarian travel and ensuring safe, seamless passenger services during critical periods.

“The airport has worked closely with airline partners, ground handling teams and relevant authorities to ensure smooth operations and provide the highest levels of care throughout the repatriation process,” the report stated.

The airport added that it will continue coordinating with partners and stakeholders to monitor travel needs and respond swiftly to developments, reinforcing its role as a resilient aviation hub in the United Arab Emirates.

Blackstone’s flagship private credit fund faced a surge in withdrawals in the first quarter, as investor concerns over valuations and transparency in the fast-growing sector weighed on sentiment.

The New York-based investment firm allowed clients to withdraw $3.7bn from the $82bn Blackstone Private Credit Fund, known as BCRED, according to a filing on Monday. After $2bn of new commitments, net outflows totaled $1.7bn.

Blackstone’s shares fell as much as 8 per cent to a two-year low on Tuesday after it said redemption requests reached 7.9 per cent of the fund. The stock later pared losses to close down nearly 4 per cent. Shares of peers also declined before trimming losses, as broader U.S. indexes fell.

The firm said it raised its usual 5 per cent quarterly redemption cap to 7 per cent to meet demand. Blackstone and its employees invested $400m in the fund to help satisfy withdrawal requests.

More than 25 senior leaders across the firm contributed a combined $150m of that total, a person familiar with the matter said, confirming a report by Bloomberg News.

The $2tn private credit industry has expanded rapidly over the past decade, but has recently come under pressure over valuation practices and transparency. Investor jitters have also been fueled by developments at Blue Owl Capital, as well as past exposures within the sector to bankruptcies involving a US auto parts supplier and a subprime auto lender.

Wall Street lenders were further shaken by the collapse of UK mortgage lender Market Financial Solutions, reviving concerns about risks in parts of the private lending market.

Pressure builds on retail-facing credit funds

Funds such as BCRED, which cater to wealthy individuals, have faced particular strain. Like funds managed by Blue Owl, BCRED is structured as a business development company that raises capital and lends to mid-sized companies.

Analysts at JPMorgan said this marked the first quarterly outflow for BCRED, the largest non-traded fund of its kind, calling it a significant sign of weakening investor sentiment toward direct lending.

Investment bank RA Stanger, which tracks alternative assets including private equity and private credit, said it expects capital to shift away from private credit and forecasts about a 40 per cent year-on-year decline in business development company capital formation in 2026.

It compared the trend to 2023, when Blackstone limited withdrawals from a real estate fund aimed at wealthy investors.

About 24 per cent of Blackstone’s $1.27tn in assets under management comes from wealthy individuals, a segment asset managers have increasingly targeted as institutional investors such as pension funds moderate allocations.

Blackstone president Jon Grey told CNBC that products that allow periodic withdrawals involve a trade-off between liquidity and higher returns.

Institutional investors, who typically commit capital for longer periods, continue to allocate significant sums to private credit, he said.

Blackstone said its approach to handling redemptions was determined by the fund’s structure and not by constraints on BCRED’s liquidity.