July 22 (Reuters) - Most Gulf stock markets dipped in early Wednesday trading as investors weighed the escalating Middle East conflict 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.

Dubai's main share index .DFMGI lost 0.3%, hit by a 1.1% drop in top lender Emirates NBD ENBD.DU.

In Abu Dhabi, the index .FTFADGI eased 0.2%.

The geopolitical backdrop is worsening. Hormuz remains the key risk for energy markets, but Yemen and Bab al-Mandab are emerging as a potential second front. Traffic through Hormuz has dropped amid continued hostilities, while Houthi threats have already forced Saudi crude tankers to reroute near Bab al-Mandab, said Ahmad Assiri Research Strategist at Pepperstone.

The Qatari index .QSI fell 0.2%, with Qatar Islamic Bank QISB.QA losing 0.6%.

On the other hand, Saudi Arabia's benchmark index .TASI gained 0.2%, helped by a 1.1% rise in the country's biggest lender by assets Saudi National Bank 1180.SE.

Brent crude futures LCOc1 rose $1.84, or 2.0%, to $92.85 a barrel at 0630 GMT, the highest since June 11. O/R

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.