Most major Gulf bourses rise in early trade | Reuters

Most major Gulf bourses rise in early trade | Reuters

Stock markets in the Middle East rose in early trade on Tuesday, with Dubai's main index up 0.3%, as oil prices hovered around seven-year highs.

Brent crude was trading lower at $92.55 a barrel by 0347 GMT, after hitting a seven-year high of $94 on Monday, ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, increasing global supplies.

Across the globe, Asian shares reversed early gains as markets wait for U.S inflation data that could influence how fast the Federal Reserve raises interest rates.

Saudi Arabia's benchmark index (.TASI) was trading flat, with financial and energy stocks gaining ground.

Shares of retailer Fawaz Abdulaziz Alhokair (4240.SE) rose 3.5% after the company posted a quarterly profit on Monday.

Dubai's main share index (.DFMGI) was trading 0.3% higher, driven by index heavyweight Emaar Properties (EMAR.DU).

In Abu Dhabi, the index (.FTFADGI) rose 0.2% in its third straight session of gains, with the country's largest lender First Abu Dhabi Bank (FAB.AD) climbing 0.4%.

Abu Dhabi's AD Ports Group (ADPORTS.AD) opened at 3.5 dirhams a share in its debut on the Abu Dhabi Securities Exchange on Tuesday. Shares were last up 5.7%. read more

Shares of IHC, which bought a 7.4% stake in Abu Dhabi Ports for 1.2 million dirhams, were up 0.5%.