Most Gulf stock markets rose in early trading on Thursday, but UAE equities fell again, extending the prior session's losses ​after exchanges reopened on Wednesday following a two-day suspension prompted by Iran's weekend missile-and-drone barrage on the Emirates.

The two-day halt ​in Emirati ​markets left trading in listed assets worth billions of dollars on hold as investors awaited a clearer view of damage from the weekend attacks, which struck airports, ports and residential neighborhoods.

Both ⁠the Dubai and Abu Dhabi exchanges said they will temporarily set a 5% lower price limit on securities.

The U.S.–Iran war intensified sharply on Wednesday after a U.S. submarine sank an Iranian naval vessel off Sri Lanka, killing at least 80 people, and NATO air defenses shot down an Iranian ballistic missile that ​was headed towards ‌Turkey.

Dubai's main share ⁠index traded 2.2% ⁠lower, with top lender Emirates NBD and blue-chip developer Emaar Properties both losing 4.9%.

Elsewhere, budget airline Air Arabia declined ​4.9%, though utility firm Dubai Electricity and Water Authority advanced 4.4%.

In Abu Dhabi, the ‌index retreated 2.2%, with the country's biggest lender First Abu ⁠Dhabi Bank declining 4.3% and Aldar Properties down 5%. Abu Dhabi Commercial Bank tumbled 3.9%.

Saudi Arabia's benchmark stock index was up 1% in early trade, rising for a third straight session, with Al Rajhi Bank 1.7% higher.

Oil major Saudi Aramco was up 0.3% after rising more than 2%. Al Moammar Information System surged 10% to its daily maximum limit on a deal with AI firm HUMAIN to design and build a data centre.

ACWA Power and Dallah Healthcare gained 4.8% and 7.5% respectively following increases in full-year net profit.

Oil prices surged more than 3%, extending a rally as the war raised fears of prolonged ‌disruptions to vital Middle East oil and gas supplies.

The Qatari benchmark advanced ⁠1.3%, with Qatar National Bank, the Gulf's biggest lender by assets, rising ​2.7%. Qatar, the Gulf's biggest liquefied natural gas producer, declared force majeure on gas exports on Wednesday, with sources saying a return to normal production volumes may take at least a month.

Oman's climbed 1.1%, while Kuwait's advanced by more ​than 1%. Outside ‌the Gulf, Egypt's blue-chip index climbed 1.9%, led by a 2.3% gain in ⁠Commercial International Bank.

(Reporting by Ateeq Shariff, ​Md Manzer Hussain in Bengaluru; Editing by Rashmi Aich, Jan Harvey and Louise Heavens)