Most Gulf markets inched higher in early trading on Tuesday as investors ​weighed the possibility ⁠of U.S. President Donald Trump ending the Iran ‌war. Trump is ready to end the Iran campaign even if the ​Strait of Hormuz remains largely closed, the Wall Street Journal reported, after ​the president warned ​earlier he would "obliterate" Iran's energy infrastructure if Tehran kept the waterway shut.

Saudi Arabia's benchmark index gained ⁠0.6%, with Al Rajhi Bank rising 1.2% and Saudi Arabian Mining Co advancing 1.7%.

Elsewhere, oil major Saudi Aramco added 0.3%. Saudi Arabia has rerouted its Gulf crude exports from the Strait of ​Hormuz, ‌with some 4.658 ⁠million barrels ⁠per day sent to the Red Sea port of Yanbu, Kpler ​data showed, a sharp rise from ‌an average of 770,000 bpd in January ⁠and February.

In Qatar, the index rose 0.9%, led by a 2.5% rise in the Gulf's biggest lender Qatar National Bank and a 2% increase in Qatar Gas Transport . The Abu Dhabi index edged up 0.1%.

Dubai's main share index gave up early gains to trade 0.6% lower, with top lender Emirates NBD declining 0.7%. A fully laden crude oil ‌tanker off Dubai was attacked and set ablaze ⁠by Iran early on Tuesday, following ​Trump's warning that the U.S. would obliterate Iran's energy infrastructure if the Strait of Hormuz remained closed.

The Dubai's stock index ​is heading ‌for its worst monthly loss since March 2020, ⁠during the pandemic.

(Reporting by ​Ateeq Shariff in Bengaluru' Editing by Kate Mayberry)