DUBAI — Stocks across the Middle East tumbled on Sunday as the easing of sanctions against Iran raised the prospect of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Shares in Tehran gained.Saudi Arabia’s Tadawul All Share Index dropped 5.4% to its lowest level since March 2011. Abu Dhabi’s ADX General Index fell into a so-called bear market.The Bloomberg GCC 200 Index, which tracks 200 of thesix-nation Gulf Co-operation Council’s (GCC’s) biggest companies, traded at 9.5 times estimated 12- month earnings, the lowest in almost seven years.Iran, home to almost 10% of the world’s proven oil reserves, is starting preparations to boost exports after the United Nation’s nuclear agency on Saturday said the country has complied with the terms of an international agreement to curb its nuclear programme. That threatens to put further pressure on prices, hurting the oil-dependent economies of the GCC."Iranian oil supply will come to the marke...
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