Mideast Stocks: Most Gulf Markets Gain on Hopes of Middle East Resolution

Most Gulf bourses closed slightly higher on Monday, supported by limited signs that the Middle East ​conflict may be ⁠resolved. U.S. President Donald Trump said the United States would begin efforts on Monday morning ‌to assist ships stranded in the Strait of Hormuz, without providing details. Iran's military warned U.S. forces on Monday not ​to enter the Strait.

Trump has made securing a nuclear deal with Tehran a priority, but Iran wants to ​delay nuclear ​talks until after the war. Fars news agency reported on Monday, citing local sources, that Iran had struck a U.S. warship attempting to pass through the Strait, forcing it ⁠to turn back.

 U.S. Central Command denied that any U.S. Navy vessels had been hit.

Dubai's main share index rose 0.2%, led by a 1.7% rise in blue-chip developer Emaar Properties. Investors remained cautious in the face of ongoing geopolitical uncertainty in the region.

Positive impetus for regional markets connected ​to efforts to ‌reopen the Strait ⁠of Hormuz was undercut ⁠by fresh incidents in the waterway, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group.

In Abu Dhabi, ​the index added 0.3%, boosted by a rally in companies tied ‌to oil major Abu Dhabi National Oil Company (ADNOC). ADNOC Drilling jumped ⁠9.2%, ADNOC Gas gained 1.2% and ADNOC Logistics & Services added 1.2%. The United Arab Emirates has left OPEC, the group said on Sunday, after announcing on April 28 that it was also quitting OPEC and OPEC+ to boost output.

The UAE's exit from the oil cartel may allow the Gulf state to raise production once exports resume, since it would no longer be bound by OPEC quotas. Speculation that the UAE would leave OPEC had persisted for years. With vast reserves and among the world's lowest production costs, it can remain profitable even during extended periods of low ‌prices.

The Qatari index closed 0.3% higher. Saudi Arabia's benchmark index fell ⁠0.9%, hit by a 5.5% fall in Saudi Arabian Mining Co . However, ​oil giant Saudi Aramco was up 0.5%. Brent crude futures were up $3.64, or 3.4%, at $111.81 a barrel by 1124 GMT. Outside the Gulf, Egypt's blue-chip index dropped 0.7%.

Saudi Arabia fell 0.9% to 11,091

Abu Dhabi rose 0.3% to ​9,821

Dubai added 0.2% ‌to 5,780

Qatar was up 0.3% to 10,565

Egypt fell 0.7% to 51,974

Bahrain added 0.1% to ⁠1,974

Oman increased 0.4% to 8,398

Kuwait dropped 0.2% to ​9,419