Major Gulf bourses closed higher on Wednesday, with a rise in oil prices driving the Saudi index up more than 1%, while geopolitical tensions weighed on sentiment in Egypt.

Oil prices rose 1.4% on a drop in U.S. oil inventories and concern over tighter supplies from Russia and Libya.

Saudi Arabia’s benchmark index gained 1.2% with state-run oil giant Saudi Aramco up 2.1%.

“The Saudi stock market opened positively while the country’s economic outlook looks brighter thanks to the higher oil prices,” said Daniel Takieddine of BDSwiss.

Shares in Saudi Home Loans closed at 26 riyals on their trading debut, up from the initial public offering (IPO) at 20 riyals per share.

Communication services company Solutions by STC rose 3%, a day after it posted higher quarterly profit.

Dubai’s main share index pared early gains to end virtually flat.

Saudi sees steepest fall in nearly 2 months; Dubai and Qatar gain

Amlak Finance was the top gainer, up 15% after the company’s shareholders approved its continuing operations in an annual vote.

Abu Dhabi’s index rose by 0.8% while sentiment remained muted in Qatar with the index closing flat.

Shares in Qatar Navigation rose nearly 3% after the maritime company posted higher quarterly profit. The stock was the top gainer on the Qatari index.

Outside the Gulf, Egypt’s blue-chip index shed 1.7%, hurt by tensions in the east of the country.

Shares in Telecom Egypt dropped 6.4% and Rameda Pharmaceutical lost 1.9% after they began trading ex-dividend.

SAUDI ARABIA up 1.2% to 13,669

ABU DHABI rose 0.9% to 9,988

DUBAI flat at 3,648

QATAR flat at 14,016

EGYPT shed 1.7% to 10,445

BAHRAIN was up 0.1% to 2,095

OMAN at 4,264

KUWAIT lost 0.1% to 9,171