BENGALURU: Most Gulf stock markets were higher in early trading on Thursday, as firmer oil prices provided support even as uncertainty over US-Iran peace talks continued to weigh on sentiment.
Oil prices, a key driver for Gulf equities, rose 1.5percent, with Brent crude trading at USD92.90 a barrel by 0632 GMT. Both Brent and WTI crude futures benchmarks gained for a fifth straight session, having settled on Wednesday at their highest since July 24.
US President Donald Trump on Wednesday warned of economic consequences against any country that provided “any type of lifeline to Iran” as the United States looks to resolve a war it began alongside Israel nearly six months ago.
Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the previous day, according to the latest shipping data. Dubai’s benchmark index rebounded 0.4percent as most sectors advanced. Dubai Islamic Bank gained 0.8percent, while Emirates Central Cooling Systems added 1.3percent.