Major Gulf stock markets climbed in early Thursday trading, ​supported by ⁠strong corporate earnings and optimism over a ‌potential U.S.-Iran peace deal, though uncertainty persisted over the ​fate of the strategically vital Strait of Hormuz.

On Wednesday, ​Iran said ​it was reviewing a U.S. peace proposal which, according to sources, would officially ⁠bring the war to an end but would leave unresolved Washington's main demands that Tehran halt its nuclear program and reopen the Strait ​of ‌Hormuz.

Saudi Arabia's ⁠benchmark index ⁠rose 0.2%, with ACWA Power rising 6.5%, while Elm Co ​jumped 10% following a steep ‌rise in first-quarter profit.

Dubai's ⁠main share index gained 0.8%, led by a 7.8% surge in Emirates Central Cooling Systems after an upbeat quarterly earnings.

Meanwhile, the United Arab Emirates said on Wednesday that its ties and its international and defense partnerships were a "purely sovereign matter," rejecting an ‌earlier statement by Iran saying that Abu Dhabi's ⁠cooperation with the U.S. threatened ​Iran's security and national interests.

In Abu Dhabi, the index was up 0.3%, with Abu Dhabi ​Islamic ‌Bank rising 1.4%.

The Qatari index added ⁠0.2%.

(Reporting by Ateeq ​Shariff in Bengaluru; Editing by Ronojoy Mazumdar)