The UAE stock markets rose during trading on Wednesday after US President Donald Trump agreed on Tuesday to a two-week ceasefire with Iran.
Trump said the last-minute agreement was conditional on Iran agreeing to stop obstructing oil and gas supplies through the Strait of Hormuz, through which, before the war, about one-fifth of the world's oil shipments passed.
The Dubai Financial Market General Index rose by as much as 8.5 percent, recording its biggest single-session gain in more than 11 years, with shares of major real estate and financial services companies surging.
Shares in Emaar Properties jumped 11.5 percent, and shares in Emirates NBD Bank rose 10 percent.
The main index in Abu Dhabi rose by about 5 percent, with First Abu Dhabi Bank shares climbing 15 percent and Aldar Properties shares jumping 10.8 percent.
