Most Gulf stock markets edged higher in early trade on Wednesday, as investors watched the fragile Middle East ceasefire and the upcoming high-stakes meeting in China between U.S. President Donald Trump and Chinese President Xi Jinping.
U.S. Treasury Secretary Scott Bessent has said that the two presidents will discuss the Iran war, and urged China to “join us in this international operation” to open the Strait of Hormuz to international shipping.
But while Beijing worked behind the scenes to convince Iran to hold peace talks with the U.S. in Pakistan last month, analysts say it would not act solely at Washington’s behest.
Saudi Arabia’s benchmark index gained 0.2%, with Al Rajhi Bank rising 0.8% and the country’s biggest lender, Saudi National Bank, increasing 0.5%.
In Abu Dhabi, the index added 0.3%, with ADNOC Drilling advancing 1.6% after its CFO told Reuters on Tuesday that the company is prepared to help expand the UAE’s oil production capacity beyond its current target of 5 million barrels per day by 2027, if approved.
The Qatari index edged 0.1% higher.
Meanwhile, Brent crude futures dropped $1.47, or 1.4%, to $106.30 a barrel at 0630 GMT.
Dubai’s main share index declined 0.7%, with blue-chip developer Emaar Properties losing 1%.
