Dubai leads Gulf gains on Iran peace hopes

DUBAI: Dubai led gains across most Gulf stock markets on Wednesday after a report said the White House believed it was nearing agreement on a memorandum to end the war with Iran, while falling oil prices weighed on Saudi Arabia’s index.

News outlet Axios reported that the US expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday.

“Markets in GCC rebounded as sentiment improved amid calmer conditions in the region and a more reassuring rhetoric from US officials,” said Joseph Dahrieh, managing director at Tickmill.