Stock markets in United Arab Emirates closed higher on Friday, after oil climbed on supply concerns fuelled by Europe’s upcoming embargo on Russian oil and decline in U.S. crude stockpiles.

Crude prices, a key catalyst for Gulf’s financial market, jumped $2.84, or 3%, to $97.51 a barrel at 1112 GMT. The contract is headed for a weekly gain of more than 1.5%.

Oil prices also jumped as traders hope China will relax COVID restrictions which will help local economy and boost energy demand.

In Abu Dhabi, the benchmark stock index advanced 1.1%, hitting an all-time high of 10,455 points.

Abu Dhabi index boosted by a 0.8% rise in conglomerate International Holding Company, while steel Manufacturer Emirates Steel Arkan surged 5.5%.

With today’s jump, Emirates Steel Arkan finished week with over 29% gains as firm on Tuesday posted Q3 net profit of 103.3 million dirham ($28.12 million) compared to 79 million dirham losses year ago.

Among other stocks, ship maker Abu Dhabi Ship Building increased 2.5% following its MoU with PT PAL Indonesia to build a range of interceptors, landing craft and rigid-hull inflatable boats.

Saudi leads major Gulf bourses lower on weak earnings

Dubai main index jumped 0.6%, led by gains in heavyweight banking and real estate sectors.

Gains in Dubai were driven by a 1% increase in Islamic lender Dubai Islamic Bank and 2.1% jump in blue-chip developer Emaar Properties.

Among other stocks, maritime and shipping firm Gulf Navigation rose 2.9% after it swung to profitability with a quarterly profit of 4.2 million dirham compared to losses of 14.6 million dirham a year earlier.

========================================== ABU DHABI   jumped 1.1% to 10,455 points DUBAI       was up 0.5% to 3,351 points==========================================