Major Gulf bourses traded mixed on Wednesday amid fears of a potential supply shock after the United States announced a ban on Russian oil imports.

US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for Moscow’s invasion of Ukraine even as the move will drive up US energy prices.

Crude oil prices rose to $130.89 per barrel while Asian stocks struggled for footing as investors assessed the impact of the worsening conflict in Ukraine.

Dubai’s main stock index rose 0.5%, breaking its three-day streak of falls.

Emirates Integrated Telecommunications Company and Dubai Islamic Bank boosted sentiment.

Saudi Arabia’s benchmark share index gained 0.5%.

State-run oil giant Saudi Aramco was up 0.3%. CEO Amin Nasser said the “tragic situation unfolding in Ukraine” is making the global energy crisis worse, according to prepared remarks delivered at an industry conference on Tuesday.

Abu Dhabi’s index fell 0.7%.

Abu Dhabi National Energy Company said it will buy energy generated assets in the UAE to expand its clean energy development, sending its shares 1.6% higher.

The Qatari index was flat, with losses in communication services offset by gains in the real estate sector.