Stock markets across the Middle East collapsed as the lifting of economic sanctions against Iran threatened to unleash a fresh wave of oil onto global markets that are already drowning in excess supply. All seven stock markets in Gulf states tumbled as panic gripped traders. Dubai’s DFM General Index slumped 4.8pc to 2,682.56, while Saudi Arabia’s Tadawul All Share Index collapsed by 7pc to 5,409.35, its lowest level in almost five years.The Iranian stock index gained 1pc, making it one of the best-performing markets in the world with gains of 6pc since the start of the year.

The dramatic moves came following the historic report from the UN nuclear watchdog, which showed that Iran has met its obligations under the nuclear deal, clearing the way for the lifting of sanctions. The Vienna-based International Atomic Energy Agency issued the landmark document late on Saturday evening, sparking mayhem as markets opened in the Middle East. Qatar’s index fell 6.7pc, while Abu Dhabi’s stocks tumbled 4.5pc to the lowest level since November 2013. Oman’s shares were down 3.2pc, the most since December 2014, and Bahraini equities edged 0.5pc down. FULL REPORT