Most Gulf stock markets rose on Wednesday as Brent oil climbed above $69 per barrel for the first time this year, while Egypt's bourse pulled back after a rally.

Brent jumped more than 2 percent as a month-long rally gained further impetus from a fall in US crude inventories and conflict in Yemen.

The main Saudi stock index edged up 0.3 per cent and producers of petrochemicals, which are set to benefit from oil's recovery, were among the main supports. Advanced Petrochemical Company surged 4.7 per cent and Yanbu National Petrochemical Company jumped 2.8 per cent.

Construction firm Abdullah A. M. Al-Khodari Sons jumped 3.5 percent after its chief financial officer told Reuters he expected the government to compensate it for some of the costs of labour reforms.

Also, the firm said late on Tuesday it had won a five-year waste management contract in the city of Jazan worth 119 million riyals ($31.7 million).

Early in the day, however, Saudi Arabia's market was lower after Yemen's Houthi fighters fired mortar and rockets at a Saudi Arabian border town on Tuesday for the first time since a Saudi-led coalition began a military campaign against them in late March.

Analysts have said that, while markets have got used to fighting across the border, investors will become more concerned if the conflict spreads outside Yemen.

UAE, EGYPT

Dubai's index traded without a clear direction for a second day, but oil's jump late in the session may have helped it settle 1.1 percent higher.

However the index of neighbouring Abu Dhabi fell 0.5 percent and was the only Gulf market to close in the red.

"It's basically a tug-of-war," said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi, referring to both United Arab Emirates markets.

"All major results have been disclosed except for Aldar Properties and Air Arabia. People are now saying 'What's next?', and if there are no catalysts they are booking profits."

He said the markets might remain range-bound until the next quarterly earnings season, barring major external developments.

Elsewhere in the Gulf, Qatar's index added 1.0 per cent as petrochemicals and metals producer Industries Qatar jumped two per cent. Kuwait edged up 0.4 per cent, while Oman was flat.

Egypt's market edged down 0.8 per cent, having gained 3.1 per cent in the two previous sessions on positive economic data and hopes that the central bank would address shortages of foreign currency.

Emaar Misr, a local unit of Dubai developer Emaar Properties, took a step towards starting its public offer on Tuesday, saying its board had recommended to shareholders that the developer offer 600 million shares on the Cairo bourse to raise E£2.8 billion ($367 million). The offer may prompt some investors to sell other stocks in order to free up cash for the IPO.-Reuters