GCC Macro Daily(Beta Mode)
Houthi Attacks Spur Oil Supply Fears
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 25.78 | +0.55% |
| MSCI Saudi | 37.05 | +0.43% |
| MSCI UAE | 20.24 | +0.25% |
| MSCI Qatar | 16.75 | -0.21% |
| MSCI Kuwait | 36.80 | -0.62% |
| Brent Crude | 104.32 | -2.14% |
| WTI Crude | 92.41 | -2.33% |
| Gold | 4,321.20 | +0.54% |
| USD/SAR | 3.75 | +3.01% |
| USD/AED | 3.67 | +0.04% |
| USD/KWD | 0.31 | -0.38% |
| Bitcoin | 84,429.90 | +0.47% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Aramco vs Brent 3M | Type: market_hloc | Aramco Price: 25.78 (2026-09-24) | Range: 25.52–26.77 | Trend(6pt): 26,26.34,26.26,26.06,25.64,25.78 | Brent $/bbl: 104.3 (2026-09-25) | Range: 71.57–108.8 | Trend(5pt): 71.99,91.01,88.98,95.52,104.3
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Houthi strikes on Saudi facilities intensify regional security risks and oil supply concerns.
- Saudi Aramco rises 0.55% and MSCI Saudi gains 0.43%, while MSCI Qatar and Kuwait decline.
- Brent crude drops 2.14% to 104.32 despite tensions, with gold advancing 0.54%.
Yesterday's Recap
Houthi attacks on Saudi energy infrastructure triggered immediate supply concerns and drew UN Security Council condemnation. France deployed troops to safeguard the Yanbu oil port, while Saudi Arabia, Pakistan, and Turkey reaffirmed defence commitments under the Mecca agreement. Saudi Foreign Minister Prince Faisal bin Farhan urged a comprehensive regional navigation security framework at the UN.
No macroeconomic data releases occurred across Saudi Arabia, UAE, Qatar, Kuwait, Oman, or Bahrain. Saudi Aramco closed at 25.78 after a 0.55% gain, supporting MSCI Saudi which rose 0.43% to 37.05. MSCI UAE advanced 0.25% to 20.24, but MSCI Qatar slipped 0.21% to 16.75 and MSCI Kuwait fell 0.62% to 36.80.
Brent settled 2.14% lower at 104.32 and WTI declined 2.33% to 92.41, while USD/SAR rose 3.01% to 3.75 amid the security developments. Gold climbed 0.54% to 4,321.20 and Bitcoin gained 0.47% to 84,429.90.
The Day Ahead
Regional security posture remains elevated following the Houthi incidents, with ongoing focus on Red Sea and Strait of Hormuz routes. UAE tourism expansions in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah continue to support non-oil growth under UAE 2050 targets. Qatar’s LNG capacity ramp-up timeline stays central to energy diversification, though no fresh project milestones are scheduled.
Saudi Vision 2030 fiscal metrics face scrutiny from elevated defence spending amid the conflict. Broader OPEC+ compliance and any production adjustments will influence near-term fiscal balances across all six GCC states. No major data prints are listed for 27 September.
UAE flight disruptions and fog-related speed limits in Abu Dhabi add minor operational friction but do not alter the broader macro outlook.
Other Economic Notes
Elevated defence outlays in Saudi Arabia risk crowding out Vision 2030 capital projects and widening the non-oil fiscal gap. UAE tourism inflows and aviation recoveries provide a buffer for Abu Dhabi and Dubai diversification efforts. Qatar’s LNG expansion anchors its position in global gas markets despite regional tensions.
Kuwait and Oman remain more exposed to oil-price volatility given narrower non-hydrocarbon bases. Bahrain’s fiscal position stays sensitive to any sustained rise in regional risk premia. ↓ p.2
