Nov 4 (Reuters) - Stock markets in United Arab Emirates closed higher on Friday, after oil climbed on supply concerns fuelled by Europe's upcoming embargo on Russian oil and decline in U.S. crude stockpiles. Crude prices, a key catalyst for Gulf's financial market, jumped $2.84, or 3%, to $97.51 a barrel at 1112 GMT. In Abu Dhabi, the benchmark stock index (.FTFADGI) advanced 1.1%, hitting an all-time high of 10,455 points. Abu Dhabi index boosted by a 0.8% rise in conglomerate International Holding Company (IHC.AD), while steel Manufacturer Emirates Steel Arkan (EMSTEEL.AD) surged 5.5%. Among other stocks, maritime and shipping firm Gulf Navigation rose 2.9% after it swung to profitability with a quarterly profit of 4.2 million dirham compared to losses of 14.6 million dirham a year earlier.

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