GCC Macro Daily(Beta Mode)
Red Sea Attacks Hit Saudi Oil Exports
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.84 | +0.98% |
| MSCI Saudi | 37.07 | -0.11% |
| MSCI UAE | 18.86 | -0.11% |
| DFM General | 5,786.97 | +nan% |
| MSCI Qatar | 17.53 | +0.29% |
| MSCI Kuwait | 35.92 | -0.00% |
| Brent Crude | 96.78 | -3.88% |
| WTI Crude | 89.31 | -3.12% |
| Gold | 4,067.60 | +0.52% |
| USD/SAR | 3.75 | +3.39% |
| USD/AED | 3.67 | +0.04% |
| USD/KWD | 0.31 | -0.55% |
| Bitcoin | 64,464.73 | +0.57% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude 3M Price Action | Type: market_hloc | Brent USD/bbl: 96.78 (2026-07-24) | Range: 71.57–118 | Trend(6pt): 108.2,112.1,91.45,71.57,100.7,96.78
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| GDP Growth Year-over-Year Preliminary | 3 | - | 02:00 |
- Houthi rocket claim and Red Sea vessel attack raise supply risks for Saudi oil exports.
- Brent crude falls 3.88% to $96.78 while Aramco rises 0.98% amid mixed equity moves.
- Saudi POS transactions reach $3.5bn with freight and courier sectors leading gains.
Yesterday's Recap
Houthi rebels claimed a rocket attack on Saudi Arabia, escalating the Yemen conflict and directly threatening oil infrastructure and export routes through the Red Sea. A vessel was attacked in the Red Sea, prompting two Chinese supertankers carrying Saudi crude to exit the waterway and highlighting immediate shipping disruptions for Asian buyers. Saudi Arabia recorded $3.5bn in POS transactions, driven by strong freight and courier activity that supports non-oil growth under Vision 2030.
Equity markets showed limited reaction, with MSCI Saudi slipping 0.11% to 37.07 and MSCI UAE also down 0.11% to 18.86, while Aramco gained 0.98% to 26.84. Brent crude dropped sharply 3.88% to $96.78 on heightened supply concerns, and WTI fell 3.12% to 89.31. Gold rose 0.52% to 4,067.60 as a safe-haven asset.
USD/SAR moved up 3.39% to 3.75 while USD/KWD eased 0.55% to 0.31, reflecting stable but monitored peg dynamics across the region. Saudi Arabia maintained its regional lead in digital government services for the fourth straight year.
The Day Ahead
Saudi Arabia’s GDP growth year-over-year preliminary release is scheduled for July 30 at 02:00 ET, with markets watching for signs of resilience in the non-oil sector amid current geopolitical pressures. No major data prints are due in the UAE, Qatar, Kuwait, Oman or Bahrain over the next session. Dubai tourism and aviation updates remain in focus following recent public holiday announcements and Emirates fleet upgrades.
Regional airlines continue monitoring flight status amid renewed travel advisories from the US, UK, Canada and Australia, with Europe extending aviation warnings for UAE, Bahrain, Qatar and Kuwait airspace until August 31. Broader attention stays on Red Sea shipping lanes and any OPEC+ commentary on output adjustments as two supertankers reroute Saudi crude.
Other Economic Notes
Saudi Arabia maintained its regional lead in digital government services for the fourth straight year, reinforcing progress under Vision 2030 diversification goals. UAE equity and tourism indicators point to steady visitor inflows despite airspace warnings extended until August 31 for Bahrain, Qatar and Kuwait. Oil price volatility directly affects fiscal balances in all six economies, with Brent near $97 underscoring the need for non-oil revenue growth.
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