Major Gulf markets were mixed in early trade on Monday as investors awaited clarity on reports of US-Iran ceasefire talks that came after US President Donald Trump warned Tehran of “hell” unless the Strait of Hormuz was reopened.
Trump warned in an expletive-laden Easter Sunday social media post that he would order strikes on Iran’s power plants and bridges on Tuesday if the strategic waterway was not reopened.
Iran and the United States have received a proposal to end hostilities that could take effect on Monday and lead to the reopening of the Strait of Hormuz, a source familiar with the matter.
Brent crude futures rose 76 cents, or 0.7%, to $109.79 a barrel at 0656 GMT.
Saudi Arabia’s benchmark index eased 0.2%, with Al Rajhi Bank losing 0.3%.
Dubai’s main share index fell 0.2%, hit by a 2.5% slide in Emaar Properties.
In Abu Dhabi, the index gained 0.4%.
UAE official Anwar Gargash said any settlement of the US-Iran war must guarantee passage through the Strait of Hormuz.
Gargash warned that any deal that does not restrain Iran’s nuclear programme and its missile and drone arsenal would pave the way for “a more dangerous, more volatile Middle East.”
The UAE was hit harder than any other Gulf state, according to regional officials, following Tehran’s retaliation for US-Israeli strikes with missiles and drones that targeted Israeli and US bases and key Gulf infrastructure in the region.
The Qatari benchmark advanced 1%, buoyed by a 0.6% rise in the Gulf’s biggest lender Qatar National Bank .
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