DUBAI: Most major stock markets in the Gulf rebounded on Thursday, as oil prices touched seven-year highs on fears of disruption to energy supplies due to escalating tensions between Russia and Ukraine.

Brent crude furtures were up 89 cents, or 1%, at $90.85 a barrel by 1217 GMT, while US West Texas Intermediate (WTI) crude futures were up 87 cents, or 1%, at $88.22. Crude prices are a key catalyst for the Gulf’s financial markets.

Dubai’s main share index gained 0.5%, helped by a 1.5% jump in Emirates NBD Bank, after the top regional lender reported a 34% rise in annual profit on Wednesday.

Shares in Dubai, however, might experience more corrections like they did earlier this month in the absence of a clear catalyst and global risk appetite souring on a hawkish US Federal Reserve, said Farah Mourad, a senior market analyst at XTB MENA.

Abu Dhabi’s index edged up 0.2%, after falling as much as 1.6% during the session. Heavyweight First Abu Dhabi Bank pulled back from a 4% fall to close flat.

The bank proposed a lower dividend this year, but its full-year net profit rose about 19% to 12.53 billion dirhams ($3.41 billion).

“Its proposed dividend of 0.70 dirhams per share was lower than the 0.74 dirhams paid out in 2020,” an analyst said.

The Qatar index ended 0.2% higher. Qatar Islamic Bank added 1%, while Industries Qatar rose 0.7%.

Saudi Arabia’s benchmark index ended flat in a volatile session. Al Rajhi Bank fell 0.7%, while Saudi National Bank gained 1.4%.

SAUDI ARABIA ended flat at 12,179 points

ABU DHABI edged up 0.2% to 8,734 points

DUBAI rose 0.5% to 3,188 points

QATAR added 0.2% to 12,509 points

BAHRAIN fell 0.2% to 1,808 points

OMAN rose 0.1% to 4,171 points

KUWAIT gained 0.2% to 7,991 points.