Most Gulf stock markets closed sharply higher on Sunday ​as geopolitical ⁠risk premiums eased on news that Washington and ‌Iran were nearing a peace deal that would also reopen ​the strategic Strait of Hormuz. U.S. President Donald Trump announced that ​Washington and ​Iran have "largely negotiated" a memorandum of understanding to end their three-month-old war and reopen the strait, ⁠the vital shipping passage whose closure has sparked a global energy crisis.

Trump said on his Truth Social platform that the final details of the agreement were ​currently ‌being discussed and would ⁠be announced ⁠shortly.

In Qatar, the main share index jumped 3.2% - its biggest ​intraday gain since April 8 - ‌as all its constituents were in ⁠positive territory including Qatar National Bank , which gained 4.7%. Although a deal securing the fragile ceasefire would offer market relief, the global energy crisis — and the resulting high costs of fuel, fertilizer, and food — is expected to persist in the near term.

Bahrain's main index advanced 1.7%, while Kuwait's was up ‌2%. Outside the Gulf, Egypt's blue-chip index ended 1.5% ⁠higher, with Commercial International Bank ​rising 3.4%. The Saudi market remained closed ahead of the upcoming Eid break.

Qatar advanced 3.2% to 10,707 Egypt was up 1.5% to ​52,861 Bahrain added 1.7% ‌to 1,962 Oman climbed 1% to 7,709 Kuwait rose 2% ⁠to 9,373 (Reporting by ​Ateeq Shariff in Bengaluru; Editing by Emelia Sithole-Matarise)