UAE Stocks Diverge Ahead of PMI Data; Oil Prices Edge Up as US Strikes Iranian Island

06:41 AM EST, 11/03/2026 (MT Newswires) -- Stock trading in the United Arab Emirates closed mixed on Tuesday as investors braced for the release of the region's key economic data amid oil price risks and ongoing Middle East tensions. At the close of trading, the FTSE ADX General Index lost 0.293%, while the DFM General Index was 0.052% in the green. The local economic calendar includes the release of closely watched UAE S&P Global Purchasing Managers' Index data for October on Wednesday. The data, which held steady at 55.3 in September, will give investors insights into the performance of the country's non-oil private sector. On the geopolitical front, the US executed limited strikes on Iran's Qeshm Island as defensive measures to prevent the Middle Eastern country from using surface-to-air missiles on its assets, Reuters reported, citing a US official. Oil prices also rose on fears of escalation, with Brent crude oil futures trading at nearly $106.501 per barrel as of 3:37 pm UAE time, up 1.65% from the previous day. Speaking of oil, seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to keep oil output unchanged for December at their virtual meeting on Sunday. "This decision was the easy one; the much more important test comes at the November 29 ministerial meeting, when OPEC+ will decide its 2027 production framework. OPEC+ faces an extremely difficult call for 2027," Rystad Energy head of geopolitical analysis Jorge Leon commented. "Geopolitical disruption is currently masking the underlying weakness in the oil balance. If Hormuz flows recover materially next year, OPEC+ could quickly move from managing constrained supply to managing a sizeable surplus." On the corporate side, Adnoc Gas (ADX:ADNOCGAS) was the Abu Dhabi bourse's most traded stock by value and volume and closed the session 0.64% higher. The natural gas distribution company signed a five-year deal to supply TotalEnergies with up to 1.6 million tonnes of liquefied natural gas. Commercial Bank of Dubai (DFM:CBD) signed several agreements and partnerships with Microsoft, Silent Eight, Comarch AI Wealth, Zamp, as well as Harvey, Sirion and Flank to boost its artificial intelligence capabilities, strengthen compliance, and develop its digital wealth platform and investment offerings. The Emirati lender ended the session 2.06% lower.