From Atiq Sharif

May 24 (Reuters) - Most Gulf stock markets closed higher on Sunday as geopolitical risk premiums eased following news that Washington and Tehran were nearing a peace deal that would also reopen the strategic Strait of Hormuz.

US President Donald Trump said that "a great deal of negotiation" had been done on a memorandum of understanding to end the three-month-old trade war between the United States and Iran and reopen the Strait of Hormuz, a vital shipping lane whose closure has led to a global energy crisis.

Trump stated in a post on his Truth Social platform, "The final aspects and details of the agreement are currently being discussed and will be announced soon."

Qatar's main index jumped 3.2 percent, its biggest daily gain since April 8, with all listed stocks rising, including Qatar National Bank, which climbed 4.7 percent.

Reaching an agreement that strengthens the fragile ceasefire would alleviate some of the suffering in the markets, but the global energy crisis that has driven up the costs of fuel, fertilizers and food is expected to continue in the near term.

Bahrain’s main index rose 1.7 percent, while Kuwait’s index climbed 2 percent.

Outside the Gulf region, Egypt's blue-chip index closed 1.5 percent higher, with Commercial International Bank shares rising 3.4 percent.

The Saudi market is closed today, Sunday, in preparation for Eid al-Adha.