GCC Macro Daily(Beta Mode)
Brent Plunges on Saudi Oil Attacks
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 27.52 | +0.07% |
| MSCI Saudi | 39.25 | -0.33% |
| MSCI UAE | 18.37 | +0.38% |
| DFM General | 5,404.10 | -0.81% |
| MSCI Qatar | 18.64 | +0.70% |
| MSCI Kuwait | 36.62 | +0.71% |
| Brent Crude | 96.78 | -11.43% |
| WTI Crude | 97.08 | -14.05% |
| Gold | 4,750.60 | +2.01% |
| USD/SAR | 3.75 | +0.05% |
| USD/AED | 3.67 | +0.01% |
| USD/KWD | 0.31 | -0.04% |
| Bitcoin | 71,068.09 | -1.21% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Price Trend | Type: macro_line | Brent Crude USD: 127.6 (2026-04-02) | Range: 59.93–133.2 | Trend(5pt): 62.38,114,91.37,77.84,127.6
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Saudi Arabia reports attacks on Jubail facility and oil pipeline, intercepts seven missiles with debris near energy sites, drawing solidarity from Pakistan.
- Brent crude crashes 11.43% to 96.78 and WTI falls 14.05% to 97.08, amid regional tensions and war in Iran.
- GCC equities mixed: MSCI Saudi down 0.33%, UAE up 0.38%, Qatar 0.70%, Kuwait 0.71%; gold rises 2.01% as safe haven.
Yesterday's Recap
Saudi Arabia faced significant security challenges, with reports of an attack on the Jubail oil facility prompting unflinching solidarity from Pakistan. The kingdom intercepted seven missiles, with debris falling near energy sites, and a drone strike targeted an oil pipeline, though damage was limited. Additionally, Saudi Arabia strongly condemned an Israeli minister's storming of Al-Aqsa courtyards, highlighting ongoing regional tensions.
Market performance was varied: Saudi Aramco shares rose 0.07% to 27.52, but MSCI Saudi declined 0.33%. UAE's MSCI advanced 0.38%, despite DFM General falling 0.81%. Qatar's MSCI gained 0.70%, and Kuwait's MSCI rose 0.71%.
Brent crude plunged 11.43% to 96.78, and WTI dropped 14.05% to 97.08, pressuring oil-dependent economies. Gold climbed 2.01% to 4,750.60, while Bitcoin dipped 1.21% to 71,068.09. FX rates showed minor shifts: USD/SAR up 0.05% to 3.75, USD/AED up 0.01% to 3.67, USD/KWD down 0.04% to 0.31.
No economic events were reported in the GCC calendar for yesterday.
The Day Ahead
No scheduled economic releases across GCC countries, leaving markets to digest fallout from Saudi oil infrastructure attacks, which may spur OPEC+ talks on supply stability. UAE's strong condemnation of the terrorist attack on Israel's consulate in Istanbul, coupled with emphasis on Iran's ceasefire adherence and freedom of navigation in the Strait of Hormuz, could influence regional shipping sentiment. Qatar may address injuries from missile debris, including a child, prompting reviews of safety protocols near residential and energy areas.
Kuwait, Oman, and Bahrain will likely track oil price movements closely due to fiscal dependencies. Saudi Arabia's non-oil progress, such as tourism and SME financing, may offer some economic resilience amid volatility. Broader attention could shift to global energy updates, with potential for recovery in crude prices if tensions ease.
Other Economic Notes
Saudi Arabia's non-oil economy shows strength, with SME financing moving to the core of diversification efforts and domestic tourism surging to 29 million visitors with SR35 billion in spending. (cont...)
