GCC Macro Daily(Beta Mode)
Hormuz Tensions Sink Oil Prices
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 27.52 | -0.07% |
| MSCI Saudi | 40.59 | +0.54% |
| MSCI UAE | 20.40 | +3.08% |
| DFM General | 5,987.42 | +0.98% |
| MSCI Qatar | 19.38 | +0.42% |
| MSCI Kuwait | 38.82 | -0.04% |
| Brent Crude | 90.38 | -9.07% |
| WTI Crude | 82.59 | -12.78% |
| Gold | 4,813.30 | -0.91% |
| USD/SAR | 3.75 | +0.11% |
| USD/AED | 3.67 | +0.04% |
| USD/KWD | 0.31 | -0.59% |
| Bitcoin | 74,435.35 | -1.70% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent vs WTI Oil Prices | Type: macro_line | Brent: 123.3 (2026-04-13) | Range: 59.93–138.2 | Trend(6pt): 64.02,117.3,90.99,82.69,119.1,123.3 | WTI: 100.7 (2026-04-13) | Range: 55.44–123.6 | Trend(6pt): 61.34,99.59,85.89,73.99,99.62,100.7
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- GCC equities advanced despite sharp oil price declines, with UAE markets leading gains amid robust banking and trade data.
- Geopolitical risks escalated as GCC nations demanded U.S. intervention to reopen the Strait of Hormuz following Iran's closure, threatening global oil trade.
- Saudi Arabia's economy gained positive outlooks from IMF projections and self-sufficiency measures, while supporting Pakistan with deposit rollovers.
Yesterday's Recap
GCC markets showed resilience yesterday amid geopolitical tensions and falling oil prices, with MSCI Saudi index rising 0.54% driven by broader market sentiment, though Saudi Aramco shares dipped 0.07% to 27.52 despite Brent crude plunging 9.07% to $90.38. UAE equities outperformed, with the DFM General index up 0.98% and MSCI UAE advancing 3.08%, supported by reports of $1.49 trillion in banking assets and $1.63 trillion in trade volumes. Qatar's MSCI index edged up 0.42%, buoyed by LNG discussions with Pakistan, while Kuwait's MSCI dipped slightly by 0.04% amid a firmer dinar with USD/KWD down 0.59%.
No major data releases from Oman or Bahrain, but broader GCC sovereign CDS spreads held steady, reflecting contained risk premia despite Hormuz disruptions. Overall, GCC FX pegs remained stable, with USD/SAR at 3.75 showing a slight 0.11% uptick and USD/AED at 3.67 with a 0.04% change.
The Day Ahead
With no scheduled economic data releases across the GCC tomorrow, focus shifts to ongoing geopolitical developments, particularly any U.S. response to demands from Saudi Arabia, UAE, Qatar, Kuwait, and Oman for reopening the Strait of Hormuz. Market participants will monitor oil tanker movements through the strait, as successful crossings could ease supply fears and stabilize Brent prices.
Potential updates from OPEC+ on production compliance may emerge informally. In Saudi Arabia, attention remains on Vision 2030 initiatives, including tourism and sports events like the AFC Champions League in Jeddah. UAE banking sector trends could influence equity sentiment, following recent asset growth reports.
Other Economic Notes
Broader GCC economic themes highlight diversification efforts, with Saudi Arabia's projected status as the third-fastest growing G20 economy in 2027 underscoring Vision 2030's impact on non-oil sectors like tourism and sports, as seen in Jeddah's AFC Champions League hosting. UAE's economic strength is evident in surging banking assets and trade, positioning it as a regional hub amid global disruptions. Food self-sufficiency in Saudi Arabia provides a buffer against Hormuz crises, while Qatar faces LNG delivery challenges that could extend force majeure declarations.
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