Most stock markets in the Gulf were up in early trading on Thursday as oil prices rose, helped by strong demand in the US and supply concerns after Ukrainian attacks on Russian refineries.

Oil prices - a catalyst for the Gulf’s financial markets - gained, with Brent rising 0.3% to $84.3 a barrel by 0800 GMT.

US gasoline inventories slid for a sixth straight week and crude oil stockpiles also fell unexpectedly as processing increased while Ukrainian drone strikes on Russian refining facilities continued for a second day on Wednesday.

The Qatari benchmark index was up 0.6%, supported by gains in almost all sectors, with Industries Qatar rising 1.0% and Qatar National Bank, the region’s largest lender, gaining 0.4%. Saudi Arabia’s benchmark stock index advanced 0.3%, lifted by gains in IT, healthcare, real estate and finance.

Major Gulf markets end lower; Egypt gains

Elm Company and Saudi Chemical Holding gained 2.7% and 9.4% respectively while Al Rajhi Bank, the world’s largest Islamic lender, added 0.6%.

Dubai’s benchmark stock index edged up 0.2%, helped by gains in most sectors with tolls operator Salik Company climbing 2.8% and Dubai Islamic Bank rising 0.5%.

In Abu Dhabi, the benchmark stock index eased 0.3%, weighed by a 0.6% drop in Alpha Dhabi and 0.1% loss in conglomerate International Holding Co.

Among the losers, the UAE’s largest lender First Abu Dhabi Bank slipped 4.3%.