Major stock markets in the Gulf were subdued ‍in early ‍trade on Thursday, weighed ​down by soft oil prices with trading volumes ⁠thin in the absence of foreign investors during ⁠the Christmas holidays.

Oil, ‌a driver for the Gulf's financial markets, settled marginally lower ⁠on Wednesday and prices were on course for their steepest annual decline since 2020 as investors weighed U.S. economic ⁠growth and assessed ​the risk of supply disruptions from Venezuela and Russia.

Lower crude ‍prices and disruptions to oil exports affect ​the fiscal balances of oil-dependent countries.

Saudi Arabia's benchmark index edged 0.1% higher, helped by a 1.4% rise in ACWA Power Company.

Elsewhere, shares in oil behemoth Saudi Aramco was flat.

Dubai's main share index eased 0.2%, dragged down by a 0.7% fall in blue-chip ⁠developer Emaar Properties.

In Abu ‌Dhabi, the index slipped 0.1%.

The Qatari benchmark gauge was down 0.3%, ‌with ⁠Qatar Islamic Bank falling 0.5%.

(Reporting by Ateeq Shariff ⁠in Bengaluru; Editing by Emelia Sithole-Matarise)