DUBAI, United Arab Emirates (AP) — 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.
Benchmark Brent crude is down by nearly 15% over the last five days of trading, with a barrel of oil costing just over $64. That’s down nearly 30% from a year ago when a barrel cost over $90.
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Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati walks out of the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati walks into the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati man is seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emirati men are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati man is seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
A dejected investor waits to restart trading, which suspended for an hour following a 5% drop in in its main index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
Stock brokers discuss the situation at the Pakistan Stock Exchange (PSE), after trading suspended for an hour following a 5% drop in in its main index, in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
An investor looks on indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
A stock broker checks indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
An investor takes a picture with a cell phone of indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
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. Other Middle Eastern nations face higher tariffs, like Iraq at 39% and Syria at 41%.
“With these measures and the expected retaliatory measures that could be adopted by other countries, the stability and predictability of international trade could be undermined,” the accounting firm PwC said in an advisory to its Mideast clients.
The Dubai Financial Market exchange fell 6% after it opened for the week, though it clawed back some losses to close at 3% down. Market leader Emaar Properties, down at one point by 9%, closed down 2.5%. The Abu Dhabi Securities Exchange fell as much as 4% before closing down 2.5%.
Markets that opened Sunday saw losses as well. Saudi Arabia's Tadawul stock exchange fell over 6% in trading then, though it closed Monday up 1%. The giant of the exchange, Saudi Arabia's state-owned oil company Aramco, fell over 5% on its own on Sunday, wiping away billions in market capitalization for the world's sixth-most-valuable company. It closed up 1.5% Monday.
The drop in Aramco, whose shares also power Crown Prince Mohammed bin Salman's expansive plans to reshape the kingdom's economy, ties directly back to the overall price of oil.
Last week, OPEC+ members Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the UAE agreed to speed up the introduction of more oil into the market. This month marks the first oil production increase by the group since 2022.
“OPEC+ has shifted its market management strategy from a steady incremental increase in output to monthly announced targets, bringing forward higher output levels for May this year,” an analysis published Monday by the state-majority-owned Emirates NBD Bank of Dubai said. “That will leave oil markets grasping with additional volatility as they assess the negative impact on global trade of the tariffs announced by the Trump administration.”
James Swanston, a Middle East and North Africa analyst at Capital Economics, warned Gulf countries likely face “a tough 2025.”
“Against this backdrop, governments will almost certainly be forced to scale back fiscal support and, in the likes of Saudi Arabia, Bahrain and Oman, turn to outright austerity measures through spending cuts and potentially raising non-oil revenues via taxation,” Swanston wrote.
The Qatar Stock Exchange fell over 4% Sunday and slightly down as trading resumed Monday. Boursa Kuwait fell over 5% on Sunday, with slight losses again Monday.
The Pakistan Stock Exchange fell rapidly Monday, with Islamabad facing 29% tariffs from the U.S. The exchange suspended trading for an hour after a 5% drop in its main KSE-30 index, before closing down 3.3% overall.
"We may face this situation until the uncertainty ends at the global market,” said Mohammed Sohail, the chief executive at Topline Securities.
Pakistan’s Finance Minister Muhammad Aurangzeb said over the weekend that Islamabad will send a delegation to the United States soon to negotiate. The U.S. imports around $5 billion worth of textiles and other products from Pakistan, which heavily relies on loans from the International Monetary Fund and others.
Associated Press writer Munir Ahmed in Islamabad contributed to this report.
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati walks out of the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati walks into the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati man is seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emiratis are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
Emirati men are seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
An Emirati man is seen in the Dubai Financial Market in Dubai, United Arab Emirates, Monday, April 7, 2025. (AP Photos/Fatima Shbair)
A dejected investor waits to restart trading, which suspended for an hour following a 5% drop in in its main index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
Stock brokers discuss the situation at the Pakistan Stock Exchange (PSE), after trading suspended for an hour following a 5% drop in in its main index, in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
An investor looks on indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
A stock broker checks indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
An investor takes a picture with a cell phone of indexes and benchmark 100 index at the Pakistan Stock Exchange (PSE), in Karachi, Pakistan, Monday, April 7, 2025. (AP Photo/Fareed Khan)
SANTO DOMINGO, Dominican Republic (AP) — Memorials were taking place Thursday for a merengue star and others killed when a cement roof collapsed at a popular nightclub in the Dominican Republic, as the number of dead surged to 221 and crews searched for more bodies under the rubble.
Mourners clad in black and white streamed into Santo Domingo’s National Theater, where the body of Rubby Pérez lay inside a closed coffin. Pérez had been performing on stage at the Jet Set club early Tuesday when the roof fell in.
President Luis Abinader and first lady Raquel Arbaje arrived at the theater and stood beside Pérez's coffin for several minutes. Some mourners doubled over in tears as a recording of Pérez singing the national anthem was played. Renowned Dominican musician Juan Luis Guerra was among those gathered to pay their respects.
Pérez turned to music after a car accident left him unable to pursue a dream of becoming a professional baseball player. He was known for hits including “Volveré," which he sang as a member of Wilfrido Vargas's orchestra, and “Buscando tus besos" as a solo artist.
Blocks away from his memorial, crews continued the grim hunt for victims and survivors. No one has been found alive since Tuesday afternoon.
“We’ve practically combed through ground zero,” said Juan Manuel Méndez, director of the Center of Emergency Operations, adding that crews were focusing on one last small area of rubble.
Later Thursday, Méndez broke down while addressing reporters.
“Thank you, God, because today we accomplished the most difficult task I’ve had in 20 years,” he said, moving the microphone away from his face as he cried. Other officials patted him on the back as he continued, “Please forgive me,” before passing the microphone to an army official.
Officials said 189 people have been rescued alive from the rubble. More than 200 were injured, with 24 of them still hospitalized, including eight in critical condition.
“If the trauma is too great, there’s not a lot of time” left to save patients in that condition, said Health Minister Víctor Atallah.
He and other doctors said some of the injured suffered fractures to the skull, femur and pelvis. The legendary club in Santo Domingo was packed with musicians, professional athletes and government officials when dust began falling from the ceiling and into people’s drinks early Tuesday. Minutes later, the roof collapsed.
Since then, dozens of people have been anxiously waiting for news of their loved ones, growing frustrated with the drip-drip of information provided by hospitals and the country’s forensic institute.
At least 146 bodies have been identified, authorities said Thursday.
María Luisa Taveras told TV station Noticias SIN that she was looking for her sister.
“We have gone everywhere they have told us,” she said, her voice breaking.
Taveras said the family has spread out, with a relative stationed at each hospital and at the National Institute of Forensic Pathology. Dozens of people waited at the institute on Thursday, wearing face masks and complaining about the smell as they demanded the release of their loved ones' bodies.
“The odor is unbearable,” said Wendy Sosa, who has been waiting since Wednesday morning for the body of her cousin, 61-year-old Nilka Curiel González. Sosa told The Associated Press by phone that the situation was “chaotic,” and that officials had set up a refrigerated container to handle the volume of bodies being delivered.
She wept as she described her cousin as gracious and authentic. “Very empathetic," Sosa said. "She was a very helpful person.”
Victims identified so far include former MLB players Octavio Dotel and Tony Enrique Blanco Cabrera; and Nelsy Cruz, the governor of the northwestern province of Montecristi whose brother is seven-time Major League Baseball All-Star Nelson Cruz.
Dotel will be buried Thursday in Santo Domingo. Hundreds of people attended his wake on Wednesday, including Hall of Famer David Ortiz, formerly of the Boston Red Sox. Ortiz said the number of people who attended Dotel’s wake spoke volumes.
“He was a person whom everyone loved,” Ortiz told reporters. “It’s very hard, very hard, truly.”
Also killed was a retired United Nations official; saxophonist Luis Solís, who was playing onstage when the roof fell; New York-based fashion designer Martín Polanco; the son and daughter-in-law of the minister of public works; the brother of the vice minister of the Ministry of Youth; and three employees of Grupo Popular, a financial services company, including the president of AFP Popular Bank and his wife.
More than 20 victims came from Haina, Rubby Pérez's hometown, just southwest of Santo Domingo.
On Thursday, the governor held a communal wake, setting up 10 stands for coffins beneath a banner that read: “Haina bids farewell to her beloved children with immense sorrow.”
Among the mourners was Juancho Guillén, whose brother, sister and brother-in-law died at Jet Set.
“This family is in shock, is devastated. We’re practically dead too,” he told Noticias SIN, adding that his wife also died three months ago.
Minutes after the roof collapsed, the 911 system received more than 100 calls, many of those made by people buried under the rubble, said Randolfo Rijo Gómez, the system's director.
He noted that police arrived at the scene in 90 seconds, followed minutes later by first response units. In less than half an hour, 25 soldiers, seven fire brigades and 77 ambulances were activated, he said.
Prosecutors also arrived at the scene. It is still unclear what caused the roof to collapse or when the building was last inspected. The government said late Wednesday that once the recovery phase ends, it will launch a thorough investigation.
The club issued a statement saying it is cooperating with authorities. A spokesperson for the family that owns the club told The Associated Press that she passed along questions about potential inspections.
Coto reported from San Juan, Puerto Rico.
Dominican Republic President Luis Abinader, center right, and his wife Raquel Arbaje Soni speak with the family of Dominican singer Rubby Perez who died in the roof collapse at the Jet Set nightclub while performing in concert, during the wake at the Eduardo Brito National Theater in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Workers prepare a crane on the third day of rescue efforts at the Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Dominican singer Juan Luis Guerra, left, attends a wake of Rubby Perez, the merengue singer who was performing at the Jet Set nightclub when its roof collapsed, killing more than 200 people, at the National Theater in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
An excavator removes concrete at the Jet Set nightclub after its roof collapsed three nights before during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Zulinka, center, the daughter of Dominican singer Rubby Perez who died in the roof collapse at the Jet Set nightclub during his merengue concert, cries during his wake at the Eduardo Brito National Theater in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
The hat and sunglasses of Dominican singer Rubby Perez, who died in the roof collapse at the Jet Set nightclub during his merengue concert, sit on his casket during his wake at the Eduardo Brito National Theater in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
An image of victim Nelsy Cruz, governor of Montecristi, is seen at a makeshift vigil for the victims of the Jet Set club roof collapse, Wednesday, April 9, 2025, in New York. (AP Photo/Adam Gray)
Rescue workers carry the recovered body of a victim who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert, in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025. (AP Photo/Ricardo Hernandez)
Soldiers prepare to assist with security during the rescue effort at Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025. (AP Photo/Ricardo Hernandez)
A poster of victim Rubby Perez is seen at a makeshift vigil for the victims of the Jet Set club roof collapse in the Dominican Republic, Wednesday, April 9, 2025, in New York. (AP Photo/Adam Gray)
People attend a Mass for the victims of the Jet Set club roof collapse, at St. Elizabeth's Church, Wednesday, April 9, 2025 in New York. (AP Photo/Adam Gray)
People attend a Mass for the victims of the Jet Set club roof collapse at St. Elizabeth's Church, Wednesday, April 9, 2025 in New York. (AP Photo/Adam Gray)
People pray for their missing relatives outside Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025. (AP Photo/Ricardo Hernandez)
Rescue workers carry the recovered body of a victim who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert, in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025, (AP Photo/Ricardo Hernandez)
Rescue workers search for bodies at the Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Rescue workers search for bodies at the Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Rescue workers carry the recovered body of a victim who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Rescue workers search for bodies at the Jet Set nightclub after its roof collapsed during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
Rescue workers carry the recovered body of a victim in Santo Domingo, Dominican Republic, Thursday, April 10, 2025 who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert. (AP Photo/Matias Delacroix)
A man sleeps on bottles of water in Santo Domingo, Dominican Republic, Thursday, April 10, 2025, in front of the Jet Set nightclub after its roof collapsed during a merengue concert. (AP Photo/Matias Delacroix)
Rescue workers carry the recovered body of a victim who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert in Santo Domingo, Dominican Republic, Thursday, April 10, 2025. (AP Photo/Matias Delacroix)
People who spent all night at the site of the Jet Set nightclub in Santo Domingo, Dominican Republic, Thursday, April 10, 2025, continue to wait for news of survivors after its roof collapsed two nights prior during a merengue concert. (AP Photo/Matias Delacroix)
Rescue workers carry the recovered body of a victim in Santo Domingo, Dominican Republic, Thursday, April 10, 2025 who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert. (AP Photo/Matias Delacroix)
Women cry during the search for survivors at the Jet Set nightclub after its roof collapsed two nights prior during a merengue concert in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025. (AP Photo/Ricardo Hernandez)
Family members wait to identify the remains of their loved who died when the roof collapsed at the Jet Set nightclub during a merengue concert, in a parking lot of the National Institute of Forensic Pathology in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025, (AP Photo/Marvin Del Cid)
Rescue workers stand next to a recovered body of a victim who died when the roof collapsed two nights prior at the Jet Set nightclub during a merengue concert, in Santo Domingo, Dominican Republic, Wednesday, April 9, 2025, (AP Photo/Ricardo Hernandez)
