Mideast Stocks: Major Gulf Bourses Mixed Amid Escalating Middle East Conflict

Major Gulf stock markets were mixed on Wednesday as escalating regional conflict and mounting energy security concerns tempered investor appetite.

The six-month-old conflict intensified sharply on Tuesday as Iranian-backed Houthi forces launched strikes against several Saudi cities, drawing a key U.S. ally deeper into the hostilities.

In a rapid escalation, U.S. forces struck multiple Iranian oil tankers, while Iran retaliated by attacking maritime vessels and targeting a U.S. military base in Jordan.

The cross-border strikes threaten to severely disrupt Middle Eastern oil output and transit, compounding existing strains on regional energy infrastructure and critical maritime corridors.

Saudi Arabia's benchmark index edged 0.1% higher, helped by a 0.3% increase in oil major Saudi Aramco.

Brent crude futures rose $2.15, or 2.2%, to $100.07 a barrel by 0721 GMT.

Citing tightening supplies and crude rallying to multi-week highs, banks including Goldman Sachs and Bank of America raised their oil price forecasts amid ongoing Middle Eastern maritime disruptions.

Dubai's main share index fell 0.5%, hit by a 1% slide in top lender Emirates NBD .

In Abu Dhabi, the index was up 0.1%, while the Qatari index lost 0.1%.