DUBAI: Gulf bourses were mixed on Wednesday as hawkish comments from the US Federal Reserve sent global equities lower, while Qatar ended 1.5% higher.

Fed Governor Lael Brainard on Tuesday said she expects a combination of interest rate increases and a rapid balance sheet runoff to bring US monetary policy to a “more neutral position” later this year.

The dollar hit its highest in almost two years, while expectations of new sanctions on Russia raised oil supply concerns, sending crude prices higher.

The Qatari index gained 1.5%, its best day in over a month, after the exchange said on Tuesday it signed a deal with the London Stock Exchange Group for a new trading system.

Dubai’s benchmark index reversed early gains to end the session flat.

Investors paused following the rally last week after the subscription for state-run Dubai Electricity and Water’s initial public offering opened.