Major stock markets in the Gulf fell in early trade on Wednesday as oil prices were gripped by worries about maritime trade disruptions in the Red Sea.

Oil - a catalyst for the Gulf’s financial markets - was little changed as investors kept an eye on the situation in the Red Sea after the recent attacks by Iran-aligned Yemeni Houthi

. Brent crude futures rose more than 1% on Tuesday amid jitters over global trade disruptions and geopolitical tensions in the Middle East, following Houthi attacks on ships in the Red Sea.

Saudi Arabia’s benchmark index dropped 0.2%, hit by a 0.8% fall in Al Rajhi Bank and a 0.2% decline in oil behemoth Saudi Aramco.

Dubai’s main share index eased 0.1%, with Emirates Central Cooling Systems Corp losing 0.6%.

Washington on Tuesday launched a task force to safeguard Red Sea commerce as attacks by the Yemeni militants forced major shipping companies to reroute, stoking fears of sustained disruptions to global trade.

Most Gulf markets gain as oil steadies; Egypt falls

In Abu Dhabi, the index lost 0.1%, with Alpha Dhabi Holding retreating 2.3%.

Among other losers, satellite operator Yahsat dropped 0.8%, while geographic data and analytics provider Bayanat declined more than 1%.

In the previous session, Yahsat was down 2.2%, whereas Bayanat added 1.4% after the firms agreed an all-share merger to create the region’s first AI-powered space technology company.

The Qatari benchmark fell 0.4%.

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen’s Iran-aligned Houthis on the world’s main East-West trade route.