Mideast Stocks: Gulf Stocks Gain on Trump’s Signal Against Renewed Iran Strikes

Gulf stock markets rose in early trading on Monday after US President Donald Trump signalled that new strikes on Iran were unlikely while talks to end their eight-month-old conflict continue.

Trump's remarks came despite reports from both countries that shipping had been attacked in or near the Strait of Hormuz, a vital waterway that carried nearly a fifth of the world's crude before the war.

Trump had earlier hinted at renewed attacks after last week's midterm elections, but no large-scale US military operation has followed, and Tehran has warned it would hit US and Israeli targets in response to any such move.

Saudi Arabia's benchmark index rose 0.1%, with Al Rajhi Bank gaining 0.6%, while Perfect Presentation For Commercial Services surged 7.7% following a rise in quarterly profit.

Meanwhile, Saudi authorities lifted an alert in Riyadh on Monday, a day after a Houthi attack damaged an Aramco office building in the city.

Dubai's main share index gained 0.8%, with blue-chip developer Emaar Properties advancing 3.2%.

In Abu Dhabi, the index was up 0.8%.

Anwar Gargash, a senior Emirati official, warned on Monday that the region may face a long period of instability as a comprehensive political deal between Washington and Tehran looked hard to achieve.

"We should ... prepare for a long period of uncertainty in which neither a decisive resolution nor stable regional order can be taken for granted," Gargash said in an address to a geopolitical conference in Abu Dhabi, the United Arab Emirates capital.

The Qatari index added 0.4%, led by a 1.8% rise in petrochemical maker Industries Qatar .