Major stock markets in the Gulf were up in early trading on Wednesday, as oil prices rose amid an escalation in the Ukraine war and signs of growing Chinese crude imports.

Oil prices, a catalyst for the Gulf’s financial markets, edged up 0.5%, with Brent trading at $73.63 a barrel by 0840 GMT.

On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said.

Russian President Vladimir Putin lowered the bar for a possible nuclear attack.

Dubai’s benchmark stock index rose for a second session, up 0.7%, lifted by gains in finance, real estate and industry sectors.

Emirates NBD, the emirate’s largest lender added 1.5% and Dubai Financial Market, the operator of exchange (DFM) rose 3.8% to 1.38 dirham per share, its highest level in more than six months.

Saudi Arabia’s benchmark stock index extended its rally to a fourth session and rose 0.2%, with most sectors in the green.

Al Jouf Cement climbed 2.8% after it said it signed a Power Purchase Agreement with ENGIE, to develop a 22 MWp solar plant at its cement facility.

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Among other gainers, Raydan Food added 1.4%. The restaurants operator Raydan said it signed 11 million riyals ($2.93 million) contract with International Arab Co.

The Abu Dhabi benchmark index was flat, with International Holding Company falling 0.4% and Abu Dhabi Commercial Bank rising 1.8%.

Among other losers, Abu Dhabi National Hotels and its catering arm ADNH Catering dropped 1.9% and 0.5%, respectively.

ADNH Catering said on Tuesday it would raise its stake in Compass Arabia to 50% from current 30%.

The Qatari benchmark index was up marginally, with the gains in communication and finance outweighing losses in most sectors.

Ooredoo Qatar rose 1.3%, while Industries Qatar shed 0.4%.