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UAE Shares End Week Higher; Oil Holds Above $95 Amid Renewed US-Iran Tensions

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Emirati Equities ended the last trading day of the week on a positive note despite renewed US-Iran escalation keeping oil prices high due to supply disruption fears.

At the close of Friday trading, the FTSE ADX General Index was up 0.503%, while the DFM General Index gained 0.704%.

"Oil prices remain elevated, with ICE Brent holding above US$95/bbl amid a pickup in hostilities between the US and Iran this week. This included Iran firing missiles into neighbouring Gulf countries. Escalation is propping up crude, but the rally may lose traction if Hormuz shipments keep moving smoothly," ING said. "The expectation had been for an increase, suggesting the market is not as tight as thought."

US Vice President JD Vance said the conflict with Iran is not a war and that major combat operations have already been concluded. Vance added that the US aims to ensure safe commercial shipping through the Strait of Hormuz.

Back home and amid a quiet day on the corporate front, Aldar Properties (ADX:ALDAR) and Abu Dhabi Commercial Bank (ADX:ADCB) concluded Abu Dhabi's first mortgage financing on an off-plan property under Abu Dhabi Real Estate Centre's newly launched framework. Aldar Properties and Abu Dhabi Commercial Bank closed 1.58% and 1.20% in the green, respectively.

Etihad Energy Holding (DFM:ETIHADENERGY) paused trading to hold its general assembly on Friday to terminate its current external auditor and appoint a new one. Shares of the maritime and shipping company ended flat when it last traded on Thursday.

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