Most stock markets in the Gulf fell in early trading on Thursday in the ​wake of ⁠stalled peace talks between Iran and the United States, with ‌both sides maintaining restrictions on trade through the Strait of Hormuz.

Iran seized two ​ships in the strait on Wednesday, increasing its control over the key ​shipping route ​just a day after President Donald Trump said he was indefinitely suspending attacks, with no indication that peace negotiations were ⁠resuming.

Top negotiator Mohammad Baqer Qalibaf said a full ceasefire would only make sense if the blockade was lifted. 

With the strait still effectively shut, global oil supplies are under pressure, pushing Brent ​crude above $100 ‌a barrel, while the ⁠broader conflict — ⁠ongoing since late February — continues to cause casualties and economic strain across the Middle ​East and beyond.

Saudi Arabia's benchmark index ‌eased 0.2%, hit by a 0.5% fall ⁠in Al Rajhi Bank .

However, oil behemoth Saudi Aramco gained 0.6%.

Brent crude futures rose $1.26, or 1.2%, to $103.17 a barrel.

The Qatari index was down 0.1%.

In Abu Dhabi, the index fell 0.2%, with First Abu Dhabi Bank dropping 0.3%, after the United Arab Emirates' biggest lender reported first-quarter net profit of 5.01 billion dirhams ($1.36 billion), down 2% year-on-year.

However, quarterly profit still beat analysts' forecast ‌of 4.38 billion dirhams, according to LSEG data.

Dubai's main ⁠share index added 0.3%, helped by a 1.7% ​rise in Emirates NBD Bank after reporting an increase in quarterly profit.

The emirate's top lender by assets said its first-quarter profit rose 3% ​to 6.4 ‌billion dirhams, up from 6.2 billion dirhams a year ⁠earlier.

($1 = 3.6730 UAE dirham)

(Reporting ​by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema)