UAE shares gain as regional conflict fuels oil supply concerns

Business Recorder reported that Emirati equities finished higher on Friday, with Dubai leading. The advance came alongside a steep weekly climb in oil prices, as attacks on Middle East sea lanes raised fears of lasting supply shortfalls. Crude was poised for a weekly gain above 7%, while U.S. diesel prices touched an all-time high.

Passage through the Strait of Hormuz stayed constrained as the United States and Iran exchanged strikes, and Houthis took control of Yemen's Mocha port, a move that puts Saudi shipments through the Red Sea at risk. Ship crossings through Hormuz numbered seven on Thursday, down from 11 the day before, preliminary tracking data indicated. Brent crude retreated 3.6% to $103.75 a barrel by 1056 GMT.

Dubai's main index rose 0.6% following two sessions in the red, lifted by a 4.2% jump in Emirates NBD Bank, while National Central Cooling slid 2.1% after naming Yousif Al Hammadi as chief executive. In Abu Dhabi, the benchmark edged up 0.03% for a fourth consecutive session, though a 5% drop in Fertiglobe and a 1.5% fall in First Abu Dhabi Bank capped gains. Separately, the UAE is quietly reworking plans for a 5-gigawatt AI data center after the Iran war prompted a rethink of where and how critical infrastructure should be built, according to six sources Reuters spoke with.