Business
Most Gulf markets gain on hopes that US-Iran talks will proceed
Most Gulf markets gain on hopes that US-Iran talks will proceed
About this update from Al Rajhi Bank
Major Gulf equity markets registered an early rebound on Tuesday on reports that Iran is considering participation in peace talks with the United States in Pakistan, raising cautious hopes for diplomacy as the two-week ceasefire nears its end.A senior Iranian official told Reuters on Monday that Tehran was "positively reviewing" participation efforts by Pakistan to mediate, including moves aimed at ending a U.S. blockade of Iranian ports, which has emerged as a major obstacle to reviving negotiations.However, the official stressed that no final decision had been taken, while Iranian Foreign Minister Abbas Araqchi said continued U.S. violations of the ceasefire remained a serious impediment to the diplomatic process.Iran's top negotiator and parliament speaker, Mohammad Baqer Qalibaf, reiterated that Tehran would not negotiate under threat. Shipping through the Strait of Hormuz — which carries about a fifth of global oil supply — remained limited.Saudi Arabia's benchmark index TADAWUL:TASI gained 0.5%, with Al Rajhi Bank TADAWUL:1120 rising 0.6% and Saudi Arabian Mining Co TADAWUL:1211 adding 0.8%.However, oil major Saudi Aramco TADAWUL:2222 eased 0.2%.Brent crude futures ICEEUR:BRN1! declined 54 cents, or 0.6%, to $94.94 a barrel.Dubai's main share index DFM:DFMGI - which declined more than 2% in the previous session - advanced 0.8%, led by a 1.2% rise in top lender Emirates NBD DFM:EMIRATESNBD.In Abu Dhabi, the index ADX:FADGI added 0.4%.The Qatari index QSE:GNRI rose 0.5%, with the Gulf's biggest lender Qatar National Bank QSE:QNBK rising 0.7%.