June 24 (Reuters) - Most major Gulf stock markets closed lower on Wednesday as continued uncertainty surrounding the survival of the U.S.-Iran trade deal, along with expectations of higher interest rates, weighed on investor sentiment.

The two countries, which concluded the first round of negotiations in Switzerland on Monday, offered conflicting accounts of the key elements of the framework agreement signed last week to end the war, including financial incentives for Iran, control of the Strait of Hormuz, and Israel’s parallel war in Lebanon.

US President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections "indefinitely," while Tehran denied making any such concessions, raising doubts about the viability of the fragile peace agreement.

The Saudi index fell 0.3 percent, with Al Rajhi Bank shares declining 1.4 percent.

However, shares of Umm Al Qura Development and Construction Company jumped 10 percent, and shares of Dar Al Arkan Real Estate Development Company rose 5.8 percent.

The Saudi General Authority for Real Estate stated in a statement on Tuesday that it has begun receiving applications for foreign ownership of real estate, as part of the Kingdom’s efforts to attract foreign investment.

Dubai's main index rose 0.1 percent, supported by a 3.5 percent increase in shares of Salik toll company.

In Abu Dhabi, the index fell 0.3 percent.

Improved geopolitical conditions in the Middle East may support the shares of the Gulf Cooperation Council (GCC) countries, driven by increased shipping traffic in the Strait of Hormuz and increased export flows despite lower oil prices.

However, Milad Azar, market analyst at XTB Middle East, said that a potential rift in nuclear talks between the United States and Iran could keep sentiment cautious and markets volatile.

The Qatari index fell 0.8 percent, affected by a 1.8 percent drop in shares of Qatar National Bank.

The CME Group’s FedWatch tool indicates that markets now expect the Federal Reserve (the US central bank) to raise interest rates three times this year, a sharp shift from expectations of only one increase prior to last week’s monetary policy meeting.

Changes in monetary policy in the United States have a significant impact on Gulf markets, given that most countries peg their currencies to the dollar.

The Bahraini index rose 0.3 percent, the Omani index climbed 0.6 percent, while the Kuwaiti index fell 0.2 percent.

Outside the Gulf region, Egypt's blue-chip index fell 0.1 percent.