Updates to closing prices, analyst comments

By Ateeq Shariff

July 22 (Reuters) - Most Gulf stock markets ended lower on Wednesday as investors worried about conflict escalation after U.S. forces struck Iranian military targets for an 11th consecutive night.

The U.S. military said its latest strikes started late Tuesday U.S. time, or early Wednesday in Iran, and lasted about 75 minutes. The attacks followed shortly after Kuwait's army said its air defenses were intercepting Iranian drones.

Amid renewed tensions over the Strait of Hormuz, Yemen's Iran-aligned Houthis have threatened to target vessels carrying Saudi oil through the Bab el-Mandeb strait between Arabia and Africa and declared a naval blockade of Saudi Arabia.

Dubai's main share index .DFMGI dropped 0.5%, hit by a 1.7% slide in top lender Emirates NBD ENBD.DU ahead of its second-quarter earnings announcement.

However, Emirates Integrated Telecommunications Co DU.DU gained 0.8%, as the firm is slated to report quarterly earnings.

In Abu Dhabi, the index .FTFADGI eased 0.1%.

GCC markets remain exposed to geopolitical risk, with regional tensions and shipping disruptions keeping sentiment fragile. Second-quarter earnings may offer support, but investors are likely to remain cautious in the near-term, said Milad Azar, market analyst at XTB MENA.

The Qatari index .QSI fell 0.4%, with the Gulf's biggest lender Qatar National Bank QNBK.QA losing 0.9%.

On the other hand, Saudi Arabia's benchmark index .TASI advanced 0.7%, helped by a 2.8% rise in the country's biggest lender by assets, Saudi National Bank 1180.SE.

Brent crude futures LCOc1 were up $3.30, or 3.63%, at $94.31 a barrel at 1137 GMT after hitting a session high of $95.47. O/R

The Bab al-Mandab strait is emerging as a second major risk alongside Hormuz, adding to concerns over regional energy flows. Any escalation could lift shipping costs, push crude risk premiums higher, and reinforce global inflation pressures, said Ahmad Assiri, research strategist at Pepperstone.

Three oil tankers carrying Saudi crude bound for China and India reversed course in the Red Sea on Tuesday, opting to head toward the Suez Canal instead of continuing near Yemen's coast at the sea's entrance, after a warning from Yemen's Iran-aligned Houthi militia.

Outside the Gulf, Egypt's blue-chip index .EGX30 eased 0.1%.

Saudi Arabia	.TASI rose 0.7% to 10,775
Abu Dhabi	.FTFADGI eased 0.1% to 9,771
Dubai	.DFMGI fell 0.5% to 5,785
Qatar	.QSI lost 0.4% to 10,067
Egypt	.EGX30 lost 0.1% to 53,932
Bahrain	.BAX was down 0.1% to 1,965
Oman	.MSX30 added 0.3% to 7,111
Kuwait	.BKP lost 0.1% to 9,029