Most Gulf stock markets ended higher on Thursday, ​supported by strong ⁠corporate earnings and optimism over a potential U.S.-Iran ‌peace deal, although uncertainty persisted over the fate of the strategically vital ​Strait of Hormuz.

U.S. President Donald Trump said the war with Iran ​could end ​quickly as Tehran reviewed a U.S. peace proposal that, according to sources, would formally bring the conflict ⁠to a close while leaving unresolved Washington's key demands for Iran to halt its nuclear programme and reopen the Strait of Hormuz.

Saudi Arabia's benchmark index rose 0.8%, with ACWA ​Power surged ‌10%, while Elm ⁠Co, also, ⁠jumped 10% following a steep rise in first-quarter profit. Meanwhile, Brent crude ​futures fell $4.31, or 4.3%, to $96.96 a barrel ‌by 1242 GMT.

Dubai's main share index ⁠gained 0.6%, led by 5.6% surge in toll operator Salik and a 7.2% surge in Emirates Central Cooling Systems after upbeat quarterly earnings.

In Abu ⁠Dhabi, the index finished flat. The Qatari ​index added 0.6%, with petrochemical maker Industries Qatar gaining 1.6%. Egyptian bourse was closed for a public holiday.

  • Saudi rose 0.8% to Arabia 11,031
  • Abu Dhabi was flat ​at 9,876
  • Dubai gained 0.6% ‌to 5,932
  • Qatar added 0.6% to 10,714
  • Bahrain lost 0.7% to 1,942
  • Oman added 0.2% ⁠to 8,351
  • Kuwait eased 0.1% to 9,429

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