Stock markets in the Gulf ended mixed on Tuesday, with littleclarity on the prospects ​for an end to the ⁠two-month long war between Iran, the United States and Israel.

U.S. President Donald Trump ‌is dissatisfied with Iran's latest proposal for ending hostilities, a U.S. official said, dimming hopes for an agreementthat would ​end a war that has disrupted energy supplies, stoked inflation, and claimed thousands of lives.

Tehran's latest proposal includes ​a deferral ​of discussion on Iran's nuclear program until the war ends and disputes over Gulf shipping are settled. Saudi Arabia's benchmark index edged 0.1% higher, with the country's biggest lender by ⁠assets Saudi National Bank rising 0.9%.

Oil major Saudi Aramco gained 0.7%. Brent crude futures for June climbed $3.93, or 3.63%, to $112.16 a barrel by 1210 GMT. "Elevated oil prices could continue to support the energy sector and help secure the rest of the market," said Daniel Takieddine co-founder and CEO, ​Sky Links Capital ‌Group.

The Qatari index ⁠fell 0.2%, hit ⁠by a 0.7% drop in Qatar Islamic Bank . Meanwhile, Gulf Cooperation Council (GCC) economies are heading into their worst downturn ​since the pandemic, with several expected to contract this year due ‌to spillover effects from the war on the region's doorstep.

Dubai's ⁠main share index slipped 0.2%, weighed down by a 2% fall in top lender Emirates NBD and a 0.8% decrease in budget airline Air Arabia.

Separately, Dubai Investments, whose shares fell 1%, is considering an initial public offering of 24% of its subsidiary Dubai Investments Park, while also evaluating a potential listing for its other subsidiary Glass LLC, with part of the proceeds earmarked to support its dividend policy. In Abu Dhabi, the index inched 0.1% higher.

The UAE said on Tuesday it was leaving OPEC and OPEC+, dealing a major blow ‌to the producer group, including Saudi Arabia, as the Iran war rattles ⁠global energy markets.

The UAE energy minister told Reuters the ​move gives Abu Dhabi more flexibility and said it did not directly consult other members, including Saudi Arabia, beforehand.

Outside the Gulf, Egypt's blue-chip index retreated 0.9%.

  • Saudi Arabia rose 0.1% to 9,836
  • Abu Dhabi added 0.1% to ​9,836
  • Dubai eased 0.2% to ‌5,858
  • Qatar lost 0.2% to 10,623
  • Egypt declined 0.9% to 52,231
  • Bahrain was up 0.3% to 1,958
  • Oman gained ⁠1.1% to 8,228
  • Kuwait dropped 0.5% to ​9,406

(Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema and Ronojoy Mazumdar)