Mideast Stocks: Slim Gains for Gulf Bourses Capped by Lack of Progress To End Iran War

Most stock markets closed modestly higher on Wednesday, led by one-off gains for individual stocks,while dimming hopes of a deal to end the Iran war weighed on broader market sentiment.

Oil prices gained amid renewed pessimism about a quick end to the conflict. Brent crude futures climbed 1.4% to settle at $88.91 per barrel and U.S. crude rose 1.3% to $83.20. 

Saudi Arabia's benchmark index edged 0.1% higher, helped by a 1.5% rise in Saudi Arabian Mining Co which had closed 1.2% lower on Tuesday. 

Petrochemical maker Saudi Basic Industries Corp retreated 3.1% as the firm traded ex-dividend. 

Dubai's main share index rose 0.7%, led by a 1.4% gain in blue-chip developer Emaar Properties. 

According to Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, markets are likely to remain sensitive to developments around the Strait of Hormuz: a credible de-escalation could revive risk appetite, while any further disruptions may weigh on sentiment and increase pressure on regional assets. 

In Abu Dhabi, the index was up 0.1%. Shipping data showed just six vessels transited the Strait of Hormuz on Monday, versus a 10-day average of about 11. 

Before the war, the vital waterway handled roughly 125 to 140 vessels a day. 

The Qatari index finished 0.4% higher, with petrochemical firm Industries Qatar gaining 1%. Outside the Gulf, Egypt's blue-chip index was up 0.4%. 

Saudi Arabia rose 0.1% to 10,844 

Abu Dhabi added 0.1% to 10,013 

Dubai gained 0.7% to 5,020 

Qatar was up 0.4% to 10,056 

Egypt increased 0.4% to 55,040 

Bahrain down 0.2% to 1,952 

Oman gained 0.2% to 7,482 

Kuwait up 0.3% to 9,313