Most stock markets in the Gulf ended higher on Thursday, reversing early losses, as investors assess the impact of U.S. President Donald Trump's latest tariff announcement.

Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the ongoing trade war that's been fuelling market volatility.

Saudi Arabia's benchmark index <.TASI> gained 0.5%, with Saudi Arabian Mining Company <1211.SE> rising 2.2% and Riyad Bank <1010.SE> closing 1.4% higher.

Elsewhere, oil giant Saudi Aramco <2222.SE> increased 0.4%.

Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, Reuters reported on Thursday, citing several Indian sources with direct knowledge of the matter.

Dubai's main share index <.DFMGI> nudged 0.1% higher, helped by a 4.1% jump in Parkin Company <PARKIN.DU>, which oversees public parking operations in the emirates.

In Abu Dhabi, the index <.FTFADGI> added 0.2%.

Oil prices - a catalyst for the Gulf's financial markets - were steady as markets assessed the new U.S. tariffs, while concerns about global supply kept prices near one-month highs.

The Qatari index <.QSI> concluded 0.5% higher, with the Gulf's biggest lender Qatar National Bank <QNBK.QA> gaining 0.9% and petrochemical maker Industries Qatar <IQCD.QA> edging up 1.7%.

On the other hand, sharia-compliant lender Masraf Al Rayan <MARK.QA> slid 3.4%, as the bank traded ex-dividend.

Outside the Gulf, Egypt's blue-chip index <.EGX30> rose 0.9%, as most of its constituents were in positive territory including tobacco monopoly Eastern Company <EAST.CA>, which was up 2.2%.

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF programme.

SAUDI ARABIA

<.TASI> rose 0.5% to 12,025

Abu Dhabi

<.FTFADGI> up 0.2% to 9,390

Dubai

<.DFMGI> added 0.1% to 5,120

QATAR

<.QSI> gained 0.5% to 10,233

EGYPT

<.EGX30> rose 0.9% to 32,026

BAHRAIN

<.BAX> finished flat at 1,951

OMAN

<.MSX30> fell 0.8% to 4,367

KUWAIT

<.BKP> added 0.1% to 8,675

($1 = 50.5200 Egyptian pounds)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber)