Gulf Markets Rise on Hopes of Avoiding Future Iran Strikes

Gulf bourses closed mostly higher on Monday as US President Donald Trump's signal that fresh Iran strikes are unlikely, provided talks continue, lifted sentiment across the region after an eight-month conflict.

Trump's remarks came despite reports from the US military and Iranian state media that shipping had been attacked in or near the Strait of Hormuz, a vital waterway that carried nearly a fifth of the world's crude before the war.

Trump had earlier hinted at renewed attacks after last week's midterm elections, but no large-scale US military operation has followed, and Tehran has warned it would hit US and Israeli targets in response to any such move.

Saudi Arabia's benchmark index rose 0.9%, with Al Rajhi Bank gaining 1.9%, while Perfect Presentation For Commercial Services surged 4.3% following a rise in quarterly profit.

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