07:45 AM EDT, 10/23/2026 (MT Newswires) -- Stock trading in the United Arab Emirates ended lower again on Friday as investors remained cautious amid no diplomatic progress between the US and Iran and a slump in financial stocks. At the close of trading, the FTSE ADX General Index declined 1.172%, while the DFM General Index lost 1.436%. Bank of Sharjah (ADX:BOS), Abu Dhabi Commercial Bank (ADX:ADCB), and National Bank of Ras Al-Khaimah (ADX:RAKBANK) all reported higher attributable profits for the third quarter. Despite the strong earnings, Bank of Sharjah and Abu Dhabi Commercial Bank shed 4.85% and 3.71%, respectively, while National Bank of Ras Al-Khaimah closed the session 2.18% lower. Dubai-listed Deyaar Development's (DFM:DEYAAR) third-quarter attributable profit rose to 169.1 million dirhams, supported by higher revenue generated through disciplined cost management. The real estate company gained 0.28% at close. In other news, the UAE unveiled plans to invest an additional 15 billion euros in Greece under an existing joint investment initiative. Both countries also announced 18 memorandums of understanding, agreements and commercial partnerships valued at over 12.75 billion euros. On the geopolitical front, oil prices reached their highest level since May after the New York Times reported that the US and Israel are developing plans for renewed strikes on Iran after the November midterm elections. Brent crude oil futures stood at nearly $114.74 per barrel as of 3:21 pm UAE time, up 1.39% from the previous day. "The rally is being driven less by current fundamentals than by mounting supply concerns. Markets are increasingly worried about renewed escalation in the Persian Gulf, a scenario that could threaten oil flows that have so far remained remarkably resilient," ING analysts said. "As a result, our expectation that ICE Brent would average $80/bbl over 4Q26 is looking unattainable. Even if tensions don't re-escalate, the mere possibility is likely to keep a sizeable geopolitical risk premium embedded in prices."

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