Most Gulf equities rose in early trade on ​Monday after ⁠the U.S. and Iran ‌announced a preliminary deal to end the war ​and restore traffic through the Strait of ​Hormuz.

Pakistan's prime minister ​said the two countries are expected to sign a memorandum of ⁠understanding in Switzerland on Friday, following mediation by Islamabad.

Trump said on Sunday the waterway would reopen "toll free" and ​that ‌the U.S. blockade ⁠of ⁠Iranian ports would be lifted, while Iran's Mehr ​news agency reported the ‌draft deal envisages reopening ⁠it within 30 days under Iranian arrangements.

Saudi Arabia's benchmark index gained 0.5%, with the country's biggest lender by assets, Saudi National Bank

However, oil giant Saudi Aramco slipped 1.1%.

Brent crude futures fell $3.65, or 4.2%, ‌to $83.68 a barrel by 0630 GMT.

Qatar's benchmark index ⁠advanced 1%, with Qatar National ​Bank, the region's largest lender, jumped 1.9%.

UAE bourses were closed for a ​public ‌holiday.

(Reporting by Ateeq Shariff ⁠and Amna Mariyam ​in Bengaluru; Editing by Rashmi Aich)