Most stock markets in the Gulf climbed in early trading on Monday as fading geopolitical risks—buoyed by hopes of a US-Iran peace deal—boosted investor appetite.

US President Donald Trump announced that Washington and Tehran have “largely negotiated” an agreement to end their three-month war and reopen the critical Strait of Hormuz, which had carried a fifth of global shipments of oil and liquefied natural gas before the conflict.

However, the two sides remain at odds on several issues, with Trump saying on Sunday he had told his representatives not to rush into any deal with Iran.

Dubai’s main share index advanced 2.4%, with blue-chip developer Emaar Properties rising 3.3% and top lender Emirates NBD increasing 2.8%.

In Abu Dhabi, the index rose 0.9%, led by a 1.5% gain in Aldar Properties.

The Qatari index declined 0.6%, following a gain of more than 3% in the previous session.

Brent crude futures were down $5.09, or 4.9%, to $98.45 a barrel at 0705 GMT.