Brent crude traded just above $48 per barrel as Greek left-wing party Syriza appeared on course to trounce the ruling conservatives in Sunday's snap election, setting up a possible confrontation with international creditors.
Asian shares edged down and European and US benchmarks were also expected to fall.
Dubai's index fell 1.6 percent as most stocks retreated. Shares in property firm Deyaar Development tumbled 4.0 percent.
Other real estate names also fell: Emaar Properties was down 1.4 percent and Union Properties dipped 0.8 percent.
Abu Dhabi's index fell 1.2 percent and shares in Abu Dhabi Islamic Bank (ADIB) tumbled their daily 10 percent limit.
On Sunday, the ADIB reported results that were broadly in line with estimates and proposed a nearly flat dividend payout. But investors may have hoped for a positive surprise as the stock had gone up 14 percent this month.
Some stocks, such as Abu Dhabi Commercial Bank and Qatar Electricity and Water Co, down 1.0 and 3.0 percent respectively, fell despite estimate-beating earnings reports.
Benchmarks in Qatar and Kuwait slipped 0.3 percent each, while Oman was nearly flat.