Major stock markets in the Gulf edged higher in ‍early trade ‍on Monday, helped by rising ​oil prices and positive market sentiment driven by ⁠heightened prospects for more Federal Reserve rate cuts.

Oil prices - ⁠a catalyst for ‌the Gulf's financial markets - rose after officials said the U.S. had intercepted ⁠an oil tanker in international waters off the coast of Venezuela, raising fresh supply uncertainty.

Saudi Arabia's benchmark index gained 0.2%. ⁠Saudi Arabian Mining Company (Ma'aden) climbed ​about 3% after it secured Ministry of Energy approval last ‍week for feedstock allocation to launch its fourth phosphate ​project.

Dubai's main share index added 0.2%, with blue-chip developer Emaar Properties rising 1.8%.

In Abu Dhabi, the index advanced 0.5%.

Markets are currently pricing in two U.S. rate cuts for next year despite the Fed signalling caution.

Monetary policy shifts in the U.S. have a significant impact on Gulf ⁠markets, where most currencies ‌are pegged to the dollar.

The Qatari index was up 0.1%, supported by ‌a 1.1% rise ⁠in petrochemical maker Industries Qatar.

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