GCC Macro Daily(Beta Mode)
Aramco Profit Jumps 25% Amid War
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 27.82 | +0.65% |
| MSCI Saudi | 38.75 | -1.02% |
| MSCI UAE | 19.00 | -1.04% |
| DFM General | 5,759.17 | -0.41% |
| MSCI Qatar | 18.81 | -1.52% |
| MSCI Kuwait | 38.11 | -0.60% |
| Brent Crude | 105.93 | -1.71% |
| WTI Crude | 101.44 | -0.72% |
| Gold | 4,688.30 | +0.23% |
| USD/SAR | 3.75 | +1.69% |
| USD/AED | 3.67 | +0.02% |
| USD/KWD | 0.31 | -0.43% |
| Bitcoin | 79,320.00 | -1.44% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent vs WTI Crude Prices | Type: macro_line | Brent ($/bbl): 106.1 (2026-05-11) | Range: 59.93–138.2 | Trend(5pt): 69.62,107.2,83.66,76.23,106.1 | WTI ($/bbl): 101.6 (2026-05-11) | Range: 55.44–123.6 | Trend(5pt): 66.24,97.02,77.96,72.73,101.6
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Aramco Q1 profit surges 25% via East-West Pipeline Hormuz bypass
- GCC equities drop 0.4-1.5% as Brent falls 1.7% to $105.93
- Kuwait foils alleged Iranian attack on China-backed port island
Yesterday's Recap
Geopolitical tensions persisted as Kuwait alleged an Iranian Revolutionary Guard attack on Bubiyan Island, site of a strategic China-funded port project, amid fragile US-Iran ceasefire and Strait of Hormuz disruptions. Saudi Aramco reported a 25% Q1 profit jump, crediting maximum 7 million bpd East-West Pipeline use to bypass Hormuz closure that deprived markets of 1 billion barrels; CEO Amin Nasser warned oil recovery may not occur until 2027. Aramco shares rose 0.65% to 27.82, defying regional declines.
GCC equities fell: MSCI Saudi -1.02% to 38.75, MSCI UAE -1.04% to 19.00, DFM General -0.41% to 5,759.17, MSCI Qatar -1.52% to 18.81, MSCI Kuwait -0.60% to 38.11. Brent dropped 1.71% to $105.93, WTI -0.72% to $101.44 on demand concerns despite supply risks. Gold edged up 0.23% to $4,688.30; Bitcoin fell 1.44% to $79,320.
FX pegs stable: USD/SAR 3.75 (+1.69% within band), USD/AED 3.67 (+0.02%), USD/KWD 0.31 (-0.43%). No major GCC data releases.
The Day Ahead
GCC calendar empty for Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain. Global focus on Bank of Canada rate announcement and policy report at 09:45 ET, potentially signaling G10 easing amid energy shocks. Regional security monitors Hormuz tanker traffic, Houthi Red Sea risks, and Iranian naval activity.
OPEC+ tracks Saudi voluntary 1 mb/d cut through June. No GCC central bank meetings.
Other Economic Notes
UAE's major ADNOC gas processing complex faces delayed return to full capacity until 2027 post-conflict attacks. Qatar LNG North Field East at 85% complete, targeting first cargoes Q4 2026. GCC refinery utilization averaged 88% last week, bolstering middle-distillate cracks.
Sovereign CDS unchanged: Saudi 5y 52bp, UAE 38bp. Energy transition advances with UAE Masdar's 2 GW solar PPA in Oman.
Global Macro News
Aramco CEO flags prolonged Hormuz disruption from Iran war, distorting oil markets potentially until 2027. Iraq and Pakistan strike deals with Iran for oil/LNG transit through Hormuz, easing some supply fears. Asia mixed: Taiwan Taiex, Korea Kospi rally on trillion-dollar tech titans; India Sensex crashes 1,313 points, rupee at record low on US-Iran tensions, crude surge.
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