Bahrain's bourse was closed on Wednesday and an exchange official told Reuters no date had been set on when it would resume trade, Reuters said.

Qatar's index fell for a third session as losers outnumbered gainers 17 to three. The Qatari index dropped 0.8 percent to 8,123 points.

Global foreign investors remain focused on fundamentals, but with risk premiums rising along with political unrest in the region, they are shifting portfolios to more stable markets, said Robert Pramberger, acting head of asset management at Doha's The First Investor.

Saudi Arabia's Tadawul All-Share Index (TASI) rose 1 percent to 6,069.94 points, recouping some of its losses from a two-day, 4.7 percent decline as first-quarter results season nears. Higher oil prices will boost petrochemical producers' margins.

The sector activity for the day was all positive. The gaining sector ranged from 0.31 percent by the Banks & Financial Services sector to 2.98 percent by the Multi- Investment sector. The overall market breadth for the day was positive with 127 advancers against 9 decliners giving it an AD ratio of 14.11, the Financial Transaction House (FTH) – licensed by the Capital Market Authority — said in its daily market report. The liquidity for the day reached SR4.69 billion.

"A lot of companies will benefit from (oil prices) and banks are at the end of provisioning cycle so earnings will be much better," said a Riyadh-based fund manager on condition of anonymity.

UAE's markets were mixed, with Dubai taking support from Asian markets as Japan's Nikkei index recovered some of its losses from Tuesday's fall, its largest since 1987. The measure rose 0.5 percent to 1,455 points. The Abu Dhabi benchmark fell 0.6 percent to 2,600 points.

"International sentiment is better, with Asian markets up and that has spilled over into the UAE," Reuters quoted Tarik Lotfy, Arqaam Capital Head of MENA equities, as saying.

"People like these levels and are happy buying many names in the UAE and Qatar - once there's clarity on the regional political situation, markets should re-rate aggressively."

Arabtec climbed 2.2 percent and Emaar Properties rose 1.5 percent.

Kuwait's Zain dropped 7 percent as trading resumed following a two-day suspension after it accepted a joint bid for its quarter-stake in unit Zain Saudi, Reuters said.

Other Kuwait blue chips also slid, with the index dropping to within 120 points of a six-year low hit on March 7. The Kuwaiti index dropped 1.2 percent to 6,251 points.

"The market these days is volatile, especially because of the situation in Bahrain. Everything is escalating now," said a Kuwait-based trader who asked not to be identified.

Oman's index fell to a two-week low at 6,247 points. Telecoms operator Nawras, once a top Oman pick for international funds, dropped 1.5 percent and National Bank of Oman lost 1.3 percent.

"There's likely to be sustained weakness so long as there are still geopolitical uncertainties," said Joice Mathew, United Securities head of research, adding foreign investors continue to cut exposure to Gulf Arab markets.