GCC Macro Daily(Beta Mode)
GCC Stocks Dip on Iran Tensions
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 27.00 | +0.52% |
| MSCI Saudi | 37.91 | -1.30% |
| MSCI UAE | 17.80 | -0.84% |
| DFM General | 5,442.62 | -1.36% |
| MSCI Qatar | 18.16 | -0.98% |
| MSCI Kuwait | 35.58 | -0.66% |
| Brent Crude | 106.13 | -5.72% |
| WTI Crude | 102.03 | +2.40% |
| Gold | 4,600.90 | +2.42% |
| USD/SAR | 3.75 | +0.11% |
| USD/AED | 3.67 | +0.01% |
| USD/KWD | 0.31 | +0.23% |
| Bitcoin | 67,914.58 | +2.97% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
WTI vs Brent Oil Comparison | Type: macro_line | WTI Crude ($/bbl): 89.33 (2026-03-23) | Range: 55.44–123.6 | Trend(6pt): 61.41,111.4,89.2,70.8,98.71,89.33 | Brent Crude ($/bbl): 103.8 (2026-03-23) | Range: 59.93–133.2 | Trend(5pt): 63.85,119.8,96.64,72.12,103.8
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- GCC equities fell amid oil price swings and Iran war escalations, with MSCI Saudi down 1.3% and UAE indices off over 0.8%.
- Iranian strikes hit Gulf targets, including a Kuwaiti tanker in Dubai and U.S. assets in Saudi Arabia, raising regional risks.
- IMF flagged higher global prices from Middle East conflict, straining growth and pressuring GCC economies.
Yesterday's Recap
GCC equity markets closed lower amid geopolitical risks from the Iran war, with no major economic data releases. In Saudi Arabia, the MSCI Saudi index fell 1.3% to 37.91, pressured by energy sector weakness despite Saudi Aramco rising 0.52% to 27.00 SAR, as Brent crude dropped 5.72% to 106.13 USD per barrel. UAE markets declined, with MSCI UAE down 0.84% to 17.80 and DFM General index sliding 1.36% to 5,442.62, reflecting concerns over Iranian missile strikes on Dubai ports.
Qatar's MSCI Qatar index decreased 0.98% to 18.16, affected by reports of shipping disruptions in the Strait of Hormuz. Kuwait's MSCI Kuwait dipped 0.66% to 35.58, while Oman and Bahrain markets showed minimal changes. Currency pegs remained stable, with USD/SAR up 0.11% to 3.75 and USD/AED rising 0.01% to 3.67, limiting FX volatility despite oil swings.
Trading volumes were moderate, with investors favoring safe-haven assets like gold, which gained 2.42% to 4,600.90 USD. Bitcoin rose 2.97% to 67,914.58 USD, adding to alternative asset appeal.
The Day Ahead
No scheduled economic releases in the GCC tomorrow, shifting focus to Iran conflict developments, including Strait of Hormuz traffic updates handling about 20 million barrels per day. UAE officials may provide details on Zayed International Airport operations, which continue with reduced schedules after missile incidents. Qatar could see diplomatic comments following meetings with Saudi, Qatari, and Jordanian leaders.
Market sentiment will track global oil inventory data, potentially affecting GCC equity openings. Monitoring Houthi Red Sea activity remains key for shipping lane stability.
Other Economic Notes
IMF warnings of elevated energy and food costs from the Middle East conflict highlight challenges to GCC diversification, including Saudi Vision 2030 and UAE's 2050 plans aimed at reducing oil reliance. Despite Brent's dip, high crude prices may support short-term revenues but hinder global growth, impacting GCC tourism and investments. Thunderstorms in UAE and Saudi Arabia could disrupt infrastructure and refinery activities, exacerbating supply vulnerabilities.
China's teapot refineries face margin squeezes from rising oil costs, potentially curbing demand for GCC exports.
