Mideast Stocks: Gulf bourses close higher, but U.S.-Iran uncertainty caps upside

Commercial International Bank Egypt CIB

03/05/2026 14:11

By Ateeq Shariff

May 3 (Reuters) - Most stock markets in the Gulf ended higher on Sunday, but gains were capped by uncertainty over a possible U.S.-Iran deal after Trump said he was awaiting the final text and warned strikes could resume.

A senior Iranian official said Tehran had proposed a plan — rejected so far by Trump — that would reopen shipping through the Strait of Hormuz and lift the U.S. blockade on Iran, while postponing negotiations over Iran's nuclear program until a later stage.

Saudi Arabia's benchmark index .TASI edged 0.1% higher, helped by a 2.5% rise in Saudi Arabian Mining Company. 1211.SE

However, oil major Saudi Aramco 2222.SE fell 0.9%.

On Friday, Brent crude futures for July LCOc1 settled at $108.17, down $2.23 a barrel, or 2.02%, following a new Iran proposal for peace talks. O/R

The Qatari index .QSI gained 0.4%, with the Gulf's biggest lender Qatar National Bank  QNBK.QA rising 1.4%.

Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 1.1%, with Commercial International Bank  COMI.CA rising 0.7%.

Saudi Arabia
.TASI added 0.1% to 11,193
Qatar
.QSI gained 0.4% to 10,533
Egypt
.EGX30 advanced 1.1% to 52,313
Bahrain
.BAX was up 0.2% to 1,972
Oman
.MSX30 eased 0.1% to 8,361
Kuwait
.BKP rose 0.6% to 9,435

 (Reporting by Ateeq Shariff in Bengaluru)

 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788))