UAE stock markets fell in early trade on Thursday, extending the ​previous session's losses ⁠after exchanges reopened on Wednesday following a two-day trading halt triggered by Iran's weekend ‌barrage of missiles and drones targeting the Emirates.

Qatari and Saudi equities bucked the trend to rise, however.

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 ‌sank more than ⁠4% as stocks retreated ⁠across the board, with top lender Emirates NBD and blue-chip developer Emaar Properties both losing 4.9%.

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

In Abu Dhabi, the index retreated 2.3%, ⁠with the country's biggest lender First Abu Dhabi Bank declining 4.9% and Aldar Properties down 5%. Abu Dhabi Commercial Bank tumbled 5%.

Bucking the trend, the Qatari benchmark advanced 1.3%, with Qatar National Bank, the Gulf's biggest lender by assets, rising 1.7%.

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.

Saudi Arabia's benchmark stock index was up 1% in early trade, rising for a third straight session, with energy, IT ‌and industrial stocks leading the gains.

Oil major Saudi Aramco advanced 2.5%, ⁠and Al Moammar Information System surged 10% on a deal ​with AI firm HUMAIN to design and build a data center.

ACWA Power and Dallah Healthcare gained 2.6% and 6% 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.

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