Mideast Stocks: Most Gulf markets gain amid US-Iran talks

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Gulf stock markets mostly closed in positive territory on Wednesday as negotiations between Iran and the ⁠United States to end the war continued. President Donald Trump said on ‌Wednesday the United States was getting along very well with Iran and that recent meetings in Qatar went well.

The United States and Iran held technical talks in Doha as they worked to agree on shipping flows through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the discussions and an Iranian ⁠official said.

Trump's son-in-law Jared Kushner and envoy Steve Witkoff met the prime minister of Qatar — a mediator in the talks alongside Pakistan — to lay groundwork for the negotiations, but would not be attending the discussions themselves, the source with direct knowledge of the ‌talks said.

Saudi Arabia's ⁠benchmark index gained ⁠0.5%, with the country's biggest lender Saudi National Bank rising 0.8%. Elsewhere, oil major Saudi Aramco finished flat.

Meanwhile, tanker traffic through the strategically vital waterway Strait of ‌Hormuz has begun to recover, with U.S. ⁠Vice President JD Vance saying oil flows through the strait had returned to pre-war levels. Dubai's main share index rose 0.9%, with top lender Emirates NBD gaining 1.6%. In Abu Dhabi, the index eased 0.2%.

The United Arab Emirates raised crude oil and condensate exports to a record in June, preliminary ship-tracking data from Kpler and Vortexa showed, weeks after the Gulf producer quit OPEC. The surprise decision to end nearly 60 years of membership in the Organization of the Petroleum Exporting Countries ‌on May 1, during the U.S.-Israeli war with Iran, was ⁠aimed at unlocking greater value from its resources by freeing output from the group's quota system.

The Qatari index concluded 0.5% higher.

Outside the Gulf, Egypt's blue-chip index inched 0.1% higher.