Saudi Arabia's benchmark index rose 0.9%, boosted by a 1.8% gain in Al Rajhi Bank and a 8.9% surge in Bank Al Jazira, which reported an increase in its quarterly net profit.
The Abu Dhabi index added 0.5%, bolstered by a 0.7% gain in top lender First Abu Dhabi Bank while telecoms giant Etisalat was up 0.6%.
Brent crude futures rose $1.01, or 1.59%, to $64.68 a barrel.
Saudi Arabia's benchmark index reversed earlier losses to close 0.1% higher, supported by a 0.8% increase in Al Rajhi Bank and a 2% rise in Riyad Bank.
Lower demand and a slump in commodity prices eroded state finances last year. In the Middle East and North Africa, fiscal deficits widened to 10.1% of GDP in 2020 from 3.8% of GDP in 2019.
Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 1% decline in Al Rajhi Bank and a 1.7% decrease in Saudi National Bank.
