Higher oil prices boost Middle East markets | Reuters

Higher oil prices boost Middle East markets | Reuters

Major Gulf bourses rose on Wednesday, tracking a rally in global peers amid higher oil prices, with the Qatari index rising more than 1% as investors found comfort in a strong earnings season.

Asian shares and European stock futures advanced after a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of a closely watched inflation data this week.

Oil prices climbed as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.

The Qatari index (.QSI) rose as much as 1.3%.

Shares of Industries Qatar QPSC (IQCD.QA) jumped as much as 8.7% after the petrochemical firm reported a sharp rise in annual profit on Tuesday.

Saudi Arabia's benchmark index (.TASI) was trading 0.1% higher, as shares of financials and communication services companies gained.

Dubai's main share index (.DFMGI) edged 0.1% higher, driven by gains in heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DIB) (DISB.DU).

DIB, the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. read more

Among other gainers, logistics firm Aramex (ARMX.DU) advanced 1% ahead of its earnings announcement later in the day.

In Abu Dhabi, the index (.FTFADGI) was flat.