Gulf bourses close higher, but U.S.-Iran uncertainty caps upside
By Ateeq Shariff
Published on May 3, 2026.
Most Gulf stock markets closed higher on Sunday, but uncertainty over a potential U.S.-Iran deal led to further declines in oil prices. A senior Iranian official suggested that Iran had proposed a plan to reopen the Strait of Hormuz and postpone negotiations over Iran's nuclear program. Meanwhile, Brent crude futures for July ended at $108.17, down $2.19, or $9.9, following a new proposal for peace talks.
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