Most Gulf markets fell in early Monday trading, led by sharp ​losses in the UAE, ⁠as the U.S.-Israeli war with Iran continuedand oil prices jumped more than 15% on ‌supply cuts and fears of prolonged Strait of Hormuz shipping disruptions.

U.S. President Donald Trump said on Saturday he ​was not interested in negotiations with Iran and suggested the war would end only when Iran no longer ​had a ​functioning military or leadership in power.

Further dousing hopes for peace, Iran on Monday designated Mojtaba Khamenei as supreme leader to succeed his father Ali Khamenei, signalling that hardliners continue ⁠to dominate power.

Brent crude was up $14.73, or 15.8%, at $107.39 per barrel at around 0800 GMT - on track for its biggest-ever jump in a single day.

Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world's oil ​supply normally passes.

Dubai's ‌main share index ⁠dropped 3.8%, with blue-chip ⁠developer Emaar Properties falling 4.7% and toll operator Salik down 4.9%.

Air Arabia slumped 5%.

In Abu Dhabi, the index ​retreated 1.8%, hit by a 4.9% slide in Abu Dhabi Commercial ‌Bank and a 1.5% decline in ADNOC Gas.

Abu Dhabi National ⁠Oil Company said on Saturday it was managing offshore output levels to address storage requirements amid the war, while its onshore operations were continuing.

Saudi Arabia's benchmark index eased 0.3%, with Al Rajhi Bank losing 1.1% and Saudi Arabian Mining Company dropping 1.5%.

Budget airline flynas was down 0.6%, but oil giant Saudi Aramco advanced 1.3%.

Higher oil prices could boost revenues for Saudi Arabia, the UAE, and other Gulf Cooperation Council producers, supporting budgets and local economies if elevated levels persist, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.

However, disruptions in ‌the Strait of Hormuz may cap the upside by slowing shipments and ⁠curbing output, though the UAE and Saudi Arabia remain relatively ​better positioned thanks to pipeline infrastructure that allows part of their crude exports to continue, added Takieddine.

The Qatari index lost 2.5%, with almost all of its constituents in negative territory, including the Gulf's ​biggest lender by assets, ‌Qatar National Bank, which fell 2.4%.

Elsewhere, Bahrain's bourse declined 0.7%, while Kuwait's edged ⁠up 0.2%, and Oman's gained ​2.3%.

(Reporting by Ateeq Shariff in Bengaluru. Editing by Rashmi Aich and Mark Potter)