Major stock markets in the Gulf rose in early trading on Wednesday as investors assessed the stalemate in ​the Iran ⁠conflict and the United Arab Emirates' decision to leave OPEC. The UAE said ‌on Tuesday that it would exit the oil producers group, dealing a significant blow ​to the alliance as the energy crisis triggered by the Iran war lays bare growing ​divisions among Gulf ​states.

As one of OPEC's largest producers, the UAE's departure weakens the group's grip on global oil supply and deepens its rift with Saudi ⁠Arabia, OPEC's de facto leader.

In Abu Dhabi, the share index advanced 0.8%, lifted by a rally in companies tied to oil major Abu Dhabi National Oil Company (ADNOC).

ADNOC Drilling surged 8.3%, ADNOC Gas advanced 3.1% and ADNOC Logistics & Services jumped 6.8%. The ​UAE's exit ‌from the oil ⁠cartel may also ⁠allow the Gulf state to raise production once exports resume, since it would no longer ​be bound by OPEC quotas.

Speculation that the UAE ‌would leave OPEC had persisted for years. With ⁠vast reserves and among the world's lowest production costs, it can remain profitable even during extended periods of low prices.

Elsewhere, Americana Restaurants International soared 12.9%, a day after reporting a steep rise in first-quarter profit.

Dubai's main share index added 0.2%, with top lender Emirates NBD rising 1.1% and toll operator Salik climbing 1.2%.

Saudi Arabia's benchmark index rose 0.1%, led by a 2.4% rise in Saudi Telecom Company as the firm reported a rise in quarterly profit.

By contrast, ‌oil major Saudi Aramco eased 0.2%.

The Qatari index edged ⁠0.1% higher in a choppy trade. President Donald Trump ​is unhappy with Tehran's latest proposal to end the conflict, insisting that nuclear issues be addressed from the start, a U.S. official said. Separately, the Wall Street Journal ​reported on ‌Tuesday, citing U.S. officials, that he had directed aides to ⁠prepare for a prolonged ​blockade of Iran.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra)