Iran ceasefire is a major factor in the growth of most Gulf markets ahead of Trump's China visit

As 'investors' watched the fragile Middle East truce and the upcoming 'high-stakes meetings' between U.S. President Donald Trump and Chinese president Xi Jinping. U.S. Treasury Sec. Scott Bessent said the two presidents would discuss the Iran War, and asked?China to 'join us in the international operation' to open the Strait of Hormuz for international shipping.

Analysts say that while Beijing worked behind the scenes last month to persuade Iran to attend peace talks in Pakistan with 'the U.S.,' it did not act solely on Washington’s orders.

Saudi Arabia's benchmark indices gained 0.2%. Al Rajhi Bank rose 0.8%, and Saudi National Bank, the largest lender in the country, increased 0.5%. The index in Abu Dhabi rose 0.3%. ADNOC Drilling gained 1.6%. This was after the CFO of the company said on Tuesday that the company would be willing to expand the UAE's oil production beyond the current target of 500,000 barrels per day by 2027 if approved.

The Qatari Index edged up 0.1%.

Brent crude futures fell $1.47 - or 1.4% - to $106.30 per barrel at 0630 GMT.

Dubai's main stock index fell 0.7% with Emaar Properties, a blue-chip developer, losing 1%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)

(source: Reuters)