DUBAI: Markets in the Middle East fell on Wednesday, with the Abu Dhabi index losing more than 2% even as a U.S. ban on Russian oil imports sent crude towards $130 a barrel.

Abu Dhabi’s main index fell 2.2% in its biggest daily percentage loss since Dec. 20.

“While the strong oil prices provide some support, it raises concerns that it could erode demand,” Daniel Takieddine, CEO MENA at BDSwiss, said on the Abu Dhabi index fall.

Abu Dhabi National Energy Company said it would buy energy generation assets in the UAE to expand its clean energy development, sending its shares 2.4% higher.

Saudi Arabia’s benchmark share index ended down 0.9%, with oil giant Saudi Aramco closing 2.9% lower.

Dubai’s main stock index reversed initial gains to end down 0.8%, its fourth consecutive session of losses.

Financial stocks weighed on sentiment, with Emirates NBD Bank down 2.7%.

The Qatari index closed 0.4% lower.

Outside the Gulf, Egypt’s blue-chip index ended up 0.2% after three straight sessions of falls.