-- Stocks in the United Arab Emirates concluded the trading week in the green, buoyed by increasing hopes that the conflict between the US and Iran would be resolved soon.
At the close of Friday trading, the FTSE ADX General Index gained 0.028%, while the DFM General Index was up 0.977%.
Oil prices fell after US President Donald Trump said that a deal with Iran would be agreed "soon" and that the two-week ceasefire between the countries could be extended. Trump also mentioned in a social media post that he will invite Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun to the White House following their agreement on a 10-day ceasefire.
"Despite encouraging headlines around the US and Iran discussing a longer truce and a ceasefire between Israel and Lebanon, there still isn't enough clarity to justify a sustained move below the $90‑95/bbl range in Brent or above 1.1850 in EUR/USD for now. A media report also suggested that European and Gulf officials expect any US‑Iran deal to take around six months, despite US President Donald Trump claiming it could happen 'soon,'" ING said.
As of 3:53 pm UAE time, the Brent crude oil futures stood at nearly $95.909 per barrel, down 3.49% from the previous day.
Back at home, the UAE's Ministry of Foreign Affairs noted the ceasefire deal between Israel and Lebanon, saying that the move will mark a "positive step" towards regional stability.
On the corporate front, ADNH Catering (ADX:ADNHC) reported a lower attributable profit of 30.4 million Emirati dirhams for the first quarter, with the company citing the short-term impact of geopolitical tensions in the region. Shares of the hospitality group closed the session flat.
In Dubai, Gulf Navigation (DFM:GULFNAV) issued a statement clarifying that it was not aware of any undisclosed information that led to a surge in its share price from Wednesday to Thursday. The maritime and shipping company's stocks were 4.62% in the green at closing.