DUBAI: Most Gulf equities ended higher on Monday after the US 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 US 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 percent, with Qatar National Bank, the region’s largest lender, jumping 3 percent.
Saudi Arabia’s benchmark index gave up early gains to finish 0.1 percent lower, with oil giant Saudi Aramco losing 1.1 percent.
Brent crude futures fell USD 4.47, or 5.1 percent, to USD 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 percent.
The European Commi ssion and the European Investment Bank are set to approve a €690 million (USD 801 million) funding plan to help Egypt upgrade its electricity grid, the Commission said on Monday.
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