Most stock markets in the Gulf rose in the early trading on Monday, tracking higher oil prices after fighting between Russia and Ukraine escalated over the weekend.

Oil prices, a catalyst for the Gulf’s financial markets, edged up, with Brent trading 0.5% higher at $71.36 a barrel by 0810 GMT.

Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to the country’s power system.

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The Abu Dhabi benchmark index was up 0.1%, supported by a 1.6% rise in Abu Dhabi Commercial Bank and a 1% gain in Lulu Retail.

International Holding Company extended its rally to a third straight session, rising 0.3%.

The conglomerate, IHC, said on Thursday it has launched a share buyback program worth 5 billion dirhams ($1.36 billion).

The Qatari benchmark index gained 0.5% with Qatar National Bank, the region’s largest lender, rising 1.9%, and Qatar Fuel adding 0.5%. Saudi Arabia’s benchmark stock index was up 0.1%, helped by gains in finance, materials, real estate and energy sectors.

Al Rajhi Bank, the world’s largest Islamic lender, rose 1.2% and Saudi Arabian Mining added 2.6%.

Dubai’s benchmark stock index slipped 0.6%, weighed down by losses in most sectors with Emaar Properties falling 0.7% and Emirates Central Cooling Systems slipping 2.6%.