Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.

Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.

Saudi Arabia's benchmark index gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank and 1.3% increase in oil giant Saudi Aramco.

Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable".

Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.

The Abu Dhabi index added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank.

The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday.

In Qatar, the index fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.

A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts.

Dubai's main share index lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Shounak Dasgupta)