Gulf equities gain as US-Iran ceasefire proposal lifts sentiment

Most Gulf markets advanced on Wednesday, led by Dubai, as optimism over a possible ceasefire increased after reports that Washington had submitted a 15-point proposal to Tehran to end the war, reports Reuters.

US President Donald Trump said on Tuesday that efforts to negotiate an end to the conflict were making progress. A source confirmed to Reuters that the United States had sent Iran the proposal, while Israel's Channel 12, citing sources, reported that Washington was seeking a month-long ceasefire to allow discussions on the plan.

Tehran denied that any direct talks had taken place, and the official IRNA news agency quoted an armed forces spokesperson on Wednesday as saying the United States was "negotiating with itself." Israel and Iran exchanged airstrikes on Wednesday.

Dubai's main share index jumped 3.6 per cent, with blue-chip developer Emaar Properties surging 5.5 per cent and a top lender Emirates NBD climbing 4.8 per cent.

In Abu Dhabi, the index was up 1.9 per cent, with Aldar Properties leaping 4.4 per cent.

The Qatari index gained 0.9 per cent, led by a 2.2 per cent rise in Qatar Islamic Bank.

Saudi Arabia's benchmark index added 0.7 per cent, with the country's biggest lender by assets Saudi National Bank rising 1.7 per cent.

Crude exports from Saudi Arabia's Red Sea port of Yanbu climbed to nearly 4 million barrels per day last week, shipping data showed, underscoring Saudi Aramco's progress in rerouting supplies through its East-West pipeline to bypass Hormuz disruptions caused by the Iran war.

Oil prices fell about 4 per cent on hopes the US proposal to Iran could help end the war and ease regional supply risks.