Most Gulf bourses ended higher on Tuesday as investors weighed upcoming corporate earnings, ​lower oil prices and renewed ⁠U.S.-Iran tensions. President Donald Trump said on Monday the U.S. would either strike a ‌deal with Iran or "finish the job," reviving the prospect of military action as Tehran struck a defiant tone after ​the funeral of former Supreme Leader Ayatollah Ali Khamenei.

Late on Monday, Iran's Revolutionary Guards fired at least two missiles ​at commercial ​ships transiting the Strait of Hormuz, Axios reported, citing two U.S. officials.

The ships suffered significant damage but there were no casualties, the report said. Saudi Arabia's benchmark index ⁠rose 0.4%, with ACWA Power advancing 3.1%.

On Monday, the world's top oil exporter cut the August official selling price of its flagship Arab Light crude for Asia by $11 a barrel, setting it at a discount of $1.50 to the average of Oman and Dubai prices.

Prices for the ​kingdom's four other crude ‌grades were also ⁠reduced by $11 a ⁠barrel. In Abu Dhabi, the index added 0.2%.

Investor attention is now shifting to the regional earnings season. Results ​will be closely watched for the impact of shipping disruptions and ‌higher freight costs on margins. Until tensions in the Strait ⁠of Hormuz ease and earnings provide more clarity, Gulf markets are likely to stay range-bound and prone to headline-driven swings, said George Pavel, general manager at Naga.com Middle East.

Dubai's main share index was up 0.1%, helped by a 2.2% gain in Emirates Integrated Telecommunications Company (du) . The company launched du Ventures, a $50 million venture capital fund managed by Shorooq, to invest in promising startups and emerging technologies, with a significant focus on UAE-based ventures. Elsewhere, the Qatari index eased 0.1%, with Qatar Islamic Bank losing 0.7%.

Outside the Gulf, Egypt's blue-chip index advanced 1%, led by ‌a 2% gain in Commercial International Bank .

Egypt's central bank is ⁠expected to keep its overnight interest rates on hold for a ​third consecutive meeting when its Monetary Policy Committee meets on Thursday, as a tentative easing of regional tensions offers some relief, a Reuters poll showed.

  • Saudi Arabia rose 0.4% to 10,852
  • Abu Dhabi added 0.2% to 9,941
  • Dubai was ​up 0.1% to ‌6,094
  • Qatar eased 0.1% to 10,255
  • Egypt gained 1% to 53,006
  • Bahrain rose 0.1% to 2,026
  • Oman lost 0.2% ⁠to 7,569
  • Kuwait down 0.1% to 9,164

(Reporting ​by Ateeq Shariff in Bengaluru; Editing by Varun H K and Mark Potter)