By Ateeq Shariff
Most Gulf stock markets ended higher on Thursday, supported by strong corporate earnings and optimism over a potential U.S.-Iran peace deal, although uncertainty persisted over the fate of the strategically vital Strait of Hormuz.
U.S. President Donald Trump said the war with Iran could end quickly as Tehran reviewed a U.S. peace proposal that, according to sources, would formally bring the conflict to a close while leaving unresolved Washington's key demands for Iran to halt its nuclear programme and reopen the Strait of Hormuz.
Saudi Arabia's benchmark index TADAWUL:TASI rose 0.8%, with ACWA Power TADAWUL:2082 surged 10%, while Elm Co TADAWUL:7203, also, jumped 10% following a steep rise in first-quarter profit.
Meanwhile, Brent crude futures ICEEUR:BRN1! fell $4.31, or 4.3%, to $96.96 a barrel by 1242 GMT.
Dubai's main share index DFM:DFMGI gained 0.6%, led by 5.6% surge in toll operator Salik DFM:SALIK and a 7.2% surge in Emirates Central Cooling Systems DFM:EMPOWER after upbeat quarterly earnings.
Meanwhile, the United Arab Emirates said on Wednesday that its ties and its international and defence partnerships were a "purely sovereign matter," rejecting an earlier statement by Iran that Abu Dhabi's cooperation with the U.S. threatened Iran's security and national interests.
In Abu Dhabi, the index ADX:FADGI finished flat.
The Qatari index QSE:GNRI added 0.6%, with petrochemical maker Industries Qatar QSE:IQCD gaining 1.6%.
Egyptian bourse was closed for a public holiday.
Saudi Arabia
TADAWUL:TASI rose 0.8% to 11,031
Abu Dhabi
ADX:FADGI was flat at 9,876
Dubai
DFM:DFMGI gained 0.6% to 5,932
Qatar
QSE:GNRI added 0.6% to 10,714
Bahrain
BAHRAIN:BHBX lost 0.7% to 1,942
Oman
(.MSX30) added 0.2% to 8,351
Kuwait
KSE:BOURSA eased 0.1% to 9,429