-- Stock trading in the United Arab Emirates ended Wednesday in the green as oil prices jumped amid the US blockade of all maritime traffic entering and exiting ports in Iran.
At the close of trading, the FTSE ADX General Index rose 0.532%, while the DFM General Index gained 2.567%.
"Media reports suggest Iran may refrain from testing the blockade to smooth the path towards renewed talks. Last night, President Trump said talks to end the war could resume within two days; Iranian officials said discussions could continue this week, although a senior Iranian official noted no date has been set yet," Danske Bank said. "It would be a surprise if the talks lead to a permanent ceasefire, with the most likely scenario being an extension of the current ceasefire, if the US and Iranian officials meet again over the weekend or early next week."
As of 3:21 pm UAE time, the Brent crude oil futures stood at nearly $96.102 per barrel, up 1.38% from the previous day.
Back home, the comprehensive economic partnership agreement between the UAE and Azerbaijan became effective on Wednesday. The deal aims to boost bilateral trade and collaboration across logistics, renewable energy, and advanced manufacturing, as well as expand opportunities for exporters through the reduction or elimination of tariffs.
Over to corporates, Aldar Properties (ADX:ALDAR) partnered with Abu Dhabi Department of Education and Knowledge to support small and medium-sized enterprises involved in the delivery of extracurricular activities in Abu Dhabi. The real estate developer closed the session 0.60% higher.
Over in Dubai, Aramex (DFM:ARMX) stocks ended 1.75%in the green. The logistics company's board appointed Shadi Malak as its chairman and Benjamin Démogé as vice chairman.