Stocks in the UAE rose in early trade on Friday after U.S. President Donald Trump said talks to end the war with Iran were "going well" and he would postpone attacks on the country's energy facilities for 10 days, Reuters reported.
Investors drew some relief from Trump's decision to give diplomacy more time, extending by 10 days his ultimatum to strike Iranian power plants after already delaying his original 48-hour deadline by five days.
Washington, however, has deployed thousands of troops to the Middle East, and Trump is weighing the use of ground forces to capture Kharg Island, Iran's main oil export hub.
An Iranian official told Reuters that a 15-point U.S. proposal, delivered to Tehran through Pakistan, was "one-sided and unfair".
Dubai's main share index (.DFMGI), opens new tab gained 0.5%, with Sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab rising 1.6% and utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab advancing 1.9%.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher.
The UAE has told the United States and other Western allies that it is prepared to join a multinational maritime taskforce to reopen the Strait of Hormuz, the Financial Times reported on Friday, citing people familiar with the matter.
Crude prices fell on Friday and were set for their biggest weekly drop in six months, with investors on edge as an imminent resolution to the conflict looked unlikely.
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