From Atiq Sharif

April 29 (Reuters) - Most Gulf stock markets closed higher on Wednesday as investors assessed the stalemate in the conflict with Iran and the United Arab Emirates' decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC).

The United Arab Emirates announced its withdrawal from OPEC on Tuesday. As one of the organization's largest producers, the UAE's departure weakens OPEC's control over global oil supplies and deepens the rift with Saudi Arabia, OPEC's de facto leader.

The UAE’s exit from the bloc may allow for increased production once exports resume, as it will no longer be bound by OPEC quotas.

Speculation about the UAE's withdrawal from OPEC has persisted for years. The UAE possesses vast oil reserves and some of the lowest production costs in the world, enabling it to remain profitable even during prolonged periods of low oil prices.

The Abu Dhabi index rose 0.7 percent, driven by gains in shares of companies linked to Abu Dhabi National Oil Company (ADNOC).

ADNOC Drilling shares jumped 8.1 percent, ADNOC Gas rose 3.7 percent, and ADNOC Logistics shares climbed 7.8 percent. Fertiglobe, the largest nitrogen fertilizer producer in the Middle East and North Africa, closed 10.3 percent higher.

Milad Azar, market analyst at XTB Middle East and North Africa, said the move by the UAE raised hopes that the market and the economy in general would benefit from increased exports in the long term.

Shares of Americana Restaurants International also jumped 12.4 percent a day after it announced a sharp rise in its first-quarter profits.

Dubai's index rose 0.1 percent thanks to a two percent increase in shares of toll company Salik.

The Saudi index rose 0.5 percent, driven by a 2.4 percent increase in shares of Saudi Telecom Company (STC) after it also announced an increase in its quarterly profits.

Shares of oil giant Saudi Aramco rose 0.4 percent.

Brent crude futures for June delivery rose $3.33, or 3 percent, to $114.60 a barrel after media reports indicated the United States would extend its blockade of Iranian ports, potentially prolonging supply disruptions from the Middle East.

The Qatari index fell 0.1 percent.

Outside the Gulf region, Egypt's blue-chip index rose 0.3 percent.