Major stock markets in the Gulf fell in early trade on ​Thursday, pressured ⁠by weaker oil prices and rising bets on ‌U.S. interest rate hikes this year.

Oil prices - a catalyst for ​the Gulf's financial markets - extended their decline to near levels last ​seen before ​the start of the Iran war, as expectations of rising supply from the Middle East outweighed ⁠demand concerns.

An initial accord last week to end the U.S.-Israeli war with Iran, which began on February 28, has allowed the resumption of traffic through the ​Strait ‌of Hormuz. 

Saudi Arabia's ⁠benchmark stock ⁠index eased 0.3%, dragged down by a 0.5% fall in Saudi ​National Bank, the country's biggest lender ‌by assets.

The Qatari index was ⁠flat in choppy trade.

High U.S. inflation, fuelled by the Iran war, and a hawkish Federal Reserve have contributed to expectations of rate hikes.

Traders expect three Fed rate hikes this year and are pricing in about a 67% chance of a September increase, according to the CME FedWatch Tool.

Monetary policy ‌shifts in the U.S. have a significant ⁠impact on Gulf markets, where most currencies ​are pegged to the dollar.

Dubai's main share index lost 0.2%, pressured by a 1.2% drop in sharia-compliant ​lender Dubai ‌Islamic Bank.

In Abu Dhabi, the index was ⁠down 0.3%.

(Reporting by ​Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu)