Most Gulf stock markets bounced back from early losses to close higher on ‍Tuesday helped by ‍corporate earnings announcements although weak oil prices limited gains. Oil prices - a catalyst for ​the Gulf's financial markets - edged down as traders gauged the potential for supply disruptions after U.S. guidance ⁠for vessels transiting the Strait of Hormuz kept attention squarely on tensions between Washington and Tehran.

Iran along ⁠with fellow ‌OPEC members Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq export most of their crude via the Strait, mainly to Asia. Saudi Arabia's benchmark index ⁠reversed early losses to close 0.2% higher, helped by a 2.6% rise petrochemical maker Saudi Basic Industries Corp. Elsewhere, oil giant Saudi Aramco added 0.7%.

Performance across sectors was mixed. However, the outlook remains supported by solid fundamentals in the non-oil sector, strong long-term economic ⁠growth projections, and legislative changes that ​improve market access for foreign investors, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group.

"Additionally, market sentiment may ‍soon be influenced by the upcoming announcement regarding the strategy revamp of the Public Investment Fund."

The kingdom's $925 billion Public ​Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.

Dubai's main share index finished flat, following six consecutive sessions of gains, with Salik Co losing 2.5%, despite the toll operator reporting a rise in annual profit. Elsewhere, Dubai Investments retreated 2.1%, trimming part of the prior session's advance of 4.3% that followed a substantial increase in its annual profit.

In Abu Dhabi, the index added 0.2%, rising for a seventh consecutive session, ⁠helped by a 0.4% rise in Aldar Properties. In the ‌previous session, the developer jumped more than 5% after posting about 50% surge in fourth-quarter profit.

Outside the Gulf, Egypt's blue-chip index gained 0.2%.

  • SAUDI ARABIA was up 0.2% to 11,213
  • ABU DHABI gained 0.2% ‌to 10,651
  • DUBAI was flat ⁠at 6,772
  • EGYPT rose 0.2% to 50,376
  • BAHRAIN added 0.1% to 2,058
  • OMAN advanced 1.9% to 6,892
  • KUWAIT lost 0.3% to 9,281

(Reporting by ⁠Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair and Tasim Zahid)