Most Gulf bourses traded flat on Wednesday, as oil prices took a breather following a surge in the previous session and global stocks steadied after a recent escalation in tensions between Russia and Ukraine.

Oil prices were at $97.14 a barrel at 0442 GMT, as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies. 

Western nations and Japan on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbour.

Dubai's main share index was up marginally, supported by a 0.8% gain in Emaar Properties.

In Abu Dhabi, the index was down 0.1%, after ending the previous session 0.6% higher.

The Qatari index was down 0.3%, with financial stocks falling the most. Qatar Islamic Bank was down 2% and Commercial Bank fell nearly 1%.

Saudi Arabia's benchmark index dropped 0.5%, also dragged by financial stocks. The index is on course for its biggest fall in ten days.

Real estate company Arabian Centers gained 5.6% after it said the judicial authority had decided to reinstate the title deed of the company's owned land on King Khalid road. 

Saudi Aramco's shares rose 0.4%. The company is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.

Saudi financial markets were shut on Tuesday.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Devika Syamnath) ((;;))