BENGALURU - Most Gulf stock markets rose in early trade on Wednesday, tracking firmer ‍oil prices and upbeat ‍corporate earnings, while investors assessed the potential market fallout from escalating ​Middle East tensions. 

Oil - a key driver for Gulf equities - climbed after reports of a ⁠drone attack, an incident involving a tanker in the Strait of Hormuz, and a ⁠sharp decline ‌in U.S. crude inventories. Brent crude futures were up 0.4% at $67.58 a barrel by 0730 GMT.

The Abu Dhabi benchmark index gained ⁠0.8%, with most stocks in positive territory.

Blue-chip developer Aldar Properties rose 1.2% after announcing 66 billion dirhams ($17.97 billion) in development contracts during 2025 and saying it had completed, alongside Mubadala Investment Company, a strategic joint venture to establish a ⁠10 billion dirhams ($2.72 billion) retail platform ​in Abu Dhabi.

NMDC Energy added 2.6% after reporting a 14% increase in full-year net profit and ‍a 14% rise in cash dividends.

Dubai's benchmark stock index advanced 0.5%, supported by gains in communications, consumer ​discretionary and financial stocks. Emirates NBD, the emirate's largest lender, rose 1.5%, while Tecom Group climbed 2% after the business-district operator posted a 70% jump in full-year profit.

Separately, the UAE's non-oil private sector recorded the fastest growth in new business in nearly two years in January, driven by a sharp rise in new orders, a survey showed on Wednesday.

Saudi Arabia's benchmark stock index edged up 0.2%, aided by materials, utilities and consumer staples. Saudi Arabian Mining Co gained 2.2%, and ACWA Power rose ⁠1.9% after the company said it had signed ‌an energy conversion and water purchase agreement with a deal value of about $4.1 billion.

The Qatari benchmark index slipped 0.3%, pressured by a 1.1% decline in Industries ‌Qatar, while Gulf International ⁠Services shed 7% after reporting a 5% fall in full-year net profit.

($1 = 3.6727 UAE ⁠dirham)

(Reporting by Md Manzer Hussain; Editing by Eileen Soreng)