May 1 (Reuters) - Stock markets in the United Arab Emirates closed slightly higher on Friday, as investors remained cautious amid a lack of progress in diplomatic talks between Iran and the United States.
Efforts to resolve the conflict have reached a standstill. Although a ceasefire has been in effect since April 8, tensions remain high as Iran continues to block the Strait of Hormuz in retaliation for a U.S. naval blockade of its vital oil exports.
U.S. President Donald Trump was scheduled to receive a briefing on Thursday on plans for a series of fresh military strikes to compel Iran to negotiate an end to the conflict, a U.S. official told Reuters.
Abu Dhabi's benchmark index (.FTFADGI), gained 0.1%, supported by a 4.1% rise in Adnoc Drilling (ADNOCDRILL.AD), and a 0.9% increase in real estate giant Aldar Properties (ALDAR.AD).
Gains in the financial and consumer discretionary stocks helped Dubai's main market (.DFMGI), to close in the green, with the index adding 0.01%.
Mashreqbank (MASB.DU), jumped 5.6% after the lender reported 7% growth in its first-quarter net profit to 1.88 billion dirhams ($511.95 million).
Dubai's market continues to draw support from solid earnings, said Joseph Dahrieh, managing director at Tickmill, adding that any geopolitical escalation could add more pressure, though strong local fundamentals may help limit declines.
Oil prices - a key catalyst for the Gulf's financial market - were up 0.5% at $110.94 a barrel by 1146 GMT.
The Dubai index logged a 1.5% decline, while Abu Dhabi closed flat for the week, according to data compiled by LSEG.
($1 = 3.6722 UAE dirhams)
Reporting by Mohd Edrees in Bengaluru; Editing by Maju Samuel
