Adds closing prices and analyst comments

By Md Manzer Hussain

May 6 (Reuters) - Dubai led gains across most Gulf stock markets on Wednesday after a report said the White House believed it was nearing agreement on a memorandum to end the war with Iran, while falling oil prices weighed on Saudi Arabia's index.

News outlet Axios reported that the U.S. expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday.

"Markets in GCC rebounded as sentiment improved amid calmer conditions in the region and a more reassuring rhetoric from U.S. officials," said Joseph Dahrieh, managing director at Tickmill.

"In the UAE, a deal could help the country expand on its ambition to raise oil output and exports, which could help support the local stock markets over the long term," he added.

Dubai's benchmark stock index .DFMGI climbed 3%, supported by broad-based gains and rebounding from losses in the previous session. Blue-chip developer Emaar Properties EMAR.DU gained 4.4%, while Dubai's largest lender, Emirates NBD ENBD.DU , added 3.5%.

The Abu Dhabi benchmark index .FTFADGI advanced 0.9%, with most constituents trading higher. Gains were led by healthcare, real estate and technology shares.

Aldar Properties ALDAR.AD jumped 3%, while Alpha Dhabi ALPHADHABI.AD climbed 2.5% after the conglomerate reported an 82% surge in first-quarter net profit.

Abu Dhabi National Oil Company (ADNOC) expects to make a final investment decision this year on its unconventional gas project with TotalEnergies TTEF.PA with approval for a separate unconventional oil project expected to follow soon, its upstream chief said.

ADNOC's four listed units advanced. ADNOC Logistics ADNOCLS.AD rose 2.2%, ADNOC Gas ADNOCGAS.AD gained 2.1%, ADNOC Distribution added 1.9% and ADNOC Drilling ADNOCDRILL.AD was up 1.6%.

The Qatari benchmark index .QSI climbed 1.4%, as almost all stocks traded higher. Industries Qatar IQCD.QA gained 3.2%, while Qatar National Bank QNBK.QA , the region's largest lender, added 1.7%.

Saudi Arabia's benchmark stock index .TASI slipped 0.4%, dragged down by energy, utilities and communications stocks. Oil major Saudi Aramco 2222.SE dropped 2.8% and Saudi Basic Industries 2010.SE lost 2.1%.

Meanwhile, oil prices extended declines on Wednesday, slumping to two-week lows with Brent LCOc1 down 8.3% to $100.79 a barrel by 1205 GMT.

Outside the Gulf, Egypt’s blue-chip index .EGX30 advanced 2% to a fresh record high of 53,605, with most stocks higher. Commercial International Bank COMI.CA rose 2.5%, while Fawry for Banking Technology FWRY.CA jumped 4.4%.

SAUDI ARABIA	.TASI down 0.5% to 10,949
KUWAIT	.BKP gained 0.4% to 9,434
QATAR	.QSI rose 1.4% to 10,649
EGYPT	.EGX30 rose 2% to 53,605
BAHRAIN	.BAX up 0.3% to 1,956
OMAN	.MSX30 down 0.7% to 8,334
ABU DHABI	.FTFADGI rose 0.9% to 9,875
DUBAI	.DFMGI gained 3% to 5,898