Most Gulf equities ended higher 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.

Qatar's benchmark index advanced 0.9%, with Qatar National Bank, the region's ​largest ‌lender, jumping 3%. Saudi Arabia's ⁠benchmark index ⁠gave up early gains to finish 0.1% lower, with oil giant Saudi ​Aramco losing 1.1%.

Brent crude futures fell $4.47, or 5.1%, ‌to $82.86 a barrel by 1234 GMT. The closure ⁠of the Strait of Hormuz for more than three months cut off millions of barrels of oil and gas supply from global markets.

The waterway is a key chokepoint, carrying about a fifth of the world's oil and liquefied natural gas supplies. Outside the Gulf, Egypt's blue-chip index gained 0.6%.

The European Commission and the European Investment Bank are set to approve ‌a €690 million ($801 million) funding plan to help Egypt upgrade ⁠its electricity grid, the Commission said ​on Monday.

UAE bourses were closed for a public holiday.

  • Saudi Arabia eased 0.1% to 11,096
  • Qatar gained 0.9% to 10,554
  • Egypt rose 0.6% to 52,307
  • Bahrain added 0.4% to ​2,000
  • Oman lost 0.7% ‌to 7,620
  • Kuwait down 0.3% to 9,301

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