Major Gulf stock markets rose in early Wednesday trading on hopes of ​a de-escalation in ⁠the Iran conflict, with Dubai leading gains as ‌its 1 billion dirham ($272.3 million) support package took effect.

President Donald ​Trump said on Tuesday that the U.S. could end its military campaign ​within two ​to three weeks and that Iran is not required to reach a deal to stop the conflict, signaling ⁠most clearly yet his intent to bring the month-long war to a close.

Dubai's main share index advanced 2.1%, led by a 4.7% surge in blue-chip developer Emaar Properties ​and a ‌5.7% surge in ⁠top lender ⁠Emirates NBD.

Dubai approved 1 billion dirhams ($272.26 million) in economic support measures ​for the business sector, with implementation starting ‌April 1 and lasting three ⁠to six months, the crown prince said on X on Monday.

In Abu Dhabi, the index gained 1.3%, with Aldar Properties leaping 3.6%.

The Qatari benchmark index climbed 1.5%, with the Gulf's biggest lender by assets, Qatar National Bank , adding 2.6%.

Meanwhile, an oil tanker leased by state-owned QatarEnergy was struck by an Iranian cruise missile in Qatari ‌waters on Wednesday, the defence ministry said.

Saudi Arabia's benchmark ⁠index added 0.3%, with Al Rajhi Bank ​rising 0.5% and oil giant Saudi Aramco gaining 0.8%.

On the other hand, oil tumbled more than 3% on Wednesday, reversing ​earlier ‌gains as persistent Middle East volatility unnerved markets.

($1 = ⁠3.6719 UAE dirham)

(Reporting by ​Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala)