Major Gulf markets rise

Major stock markets in the Gulf rose in early trading on Wednesday as investors assessed the stalemate in the Iran conflict and the United Arab Emirates' decision to leave OPEC, reports Reuters.

The UAE said on Tuesday that it would exit the oil producers group, opens new tab, dealing a significant blow to the alliance as the energy crisis triggered by the Iran war lays bare growing divisions among Gulf states.

As one of OPEC's largest producers, the UAE's departure weakens the group's grip on global oil supply and deepens its rift with Saudi Arabia, OPEC's de facto leader.

In Abu Dhabi, the share index advanced 0.8 per cent, lifted by a rally in companies tied to oil major Abu Dhabi National Oil Company (ADNOC).

ADNOC Drilling surged 8.3 per cent, ADNOC Gas advanced 3.1 per cent and ADNOC Logistics & Services jumped 6.8 per cent.

The UAE's exit from the oil cartel may also allow the Gulf state to raise production once exports resume, since it would no longer be bound by OPEC quotas.