Most Gulf markets are rising, supported by the US-Iran agreement.

Tadawul All Shares Index

Tadawul All Shares Index

TASI.SA

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June 15 (Reuters) - Most Gulf stock markets rose at the start of trading on Monday after the United States and Iran announced a preliminary agreement to end the war and restore shipping traffic through the Strait of Hormuz.

The Pakistani prime minister said the two countries are expected to sign a memorandum of understanding in Switzerland on Friday, following mediation by his country.

Trump announced on Sunday that the waterway would be reopened "without fees" and that the US blockade on Iranian ports would be lifted, while Iran's Mehr News Agency reported that the draft agreement includes its reopening within 30 days and according to Iranian arrangements.

Saudi Arabia’s main index rose 0.5 percent, supported by gains in shares of the country’s largest bank by assets, National Bank of Saudi Arabia.

However, shares of oil giant Saudi Aramco fell 1.1 percent.

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

Qatar's main index rose 1 percent, with shares of Qatar National Bank, the region's largest bank, jumping 1.9 percent.

The UAE markets are closed for a public holiday.


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