GCC Macro Daily(Beta Mode)
Hormuz Attacks Lift Oil, GCC Markets Mixed
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.48 | -0.45% |
| MSCI Saudi | 37.83 | -0.13% |
| MSCI UAE | 19.62 | +0.15% |
| MSCI Qatar | 17.64 | -0.03% |
| MSCI Kuwait | 37.38 | -0.33% |
| Brent Crude | 91.34 | +3.19% |
| WTI Crude | 84.99 | +3.14% |
| Gold | 4,458.10 | +1.77% |
| USD/SAR | 3.75 | +3.24% |
| USD/AED | 3.67 | +0.02% |
| USD/KWD | 0.31 | -0.38% |
| Bitcoin | 64,039.73 | +1.94% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude 3M | Type: market_hloc | USD/bbl: 91.26 (2026-08-17) | Range: 71.57–112.1 | Trend(6pt): 112.1,91.45,71.57,100.7,87.07,91.26
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- UAE oil tankers attacked in Strait of Hormuz; Saudi Arabia, Qatar and Kuwait condemn strikes
- Brent crude jumps 3.19% to $91.34 while Saudi Aramco falls 0.45% and MSCI UAE edges up 0.15%
- Saudi PIF non-oil contribution nears $100bn; POS spending holds above $3.5bn
Yesterday's Recap
UAE state oil company reported an attack on a vessel in the Strait of Hormuz, prompting swift condemnation from Saudi Arabia, Qatar and Kuwait. Regional equity markets showed limited reaction, with MSCI Saudi declining 0.13% and MSCI Kuwait falling 0.33% while MSCI UAE rose 0.15%. Saudi Aramco closed 0.45% lower at 26.48 despite higher realised oil prices.
Brent crude surged 3.19% to 91.34 and WTI gained 3.14% to 84.99 on supply-risk concerns. Saudi Arabia’s PIF contribution to the non-oil economy approached $100bn, and point-of-sale spending remained above $3.5bn. Gold advanced 1.77% to 4,458.10 amid broader safe-haven demand.
USD/SAR held at the 3.75 peg level while USD/KWD eased 0.38%. MSCI Qatar slipped 0.03% and Bitcoin rose 1.94% to 64,039.73. No major block trades or unusual turnover occurred on regional exchanges.
The Day Ahead
No major data releases are scheduled across the six GCC economies. Markets will continue to monitor developments in the Strait of Hormuz and any further statements from regional governments. OPEC+ production quotas remain unchanged ahead of the September ministerial meeting.
Saudi Arabia’s ongoing shift of crude sales to Omani waters may support near-term export logistics. Equity turnover is expected to stay average absent fresh catalysts. Sovereign CDS spreads are likely to remain stable provided tensions do not escalate.
Refinery utilisation across the region continues near 88% on firm Asian demand, while QatarEnergy advances North Field East LNG expansion with first cargo from Train 5 still targeted for Q4 2026.
Other Economic Notes
Saudi Arabia continues to advance Vision 2030 diversification, with the PIF driving nearly $100bn in non-oil activity. UAE authorities are expanding private-sector participation in education and gaming oversight. Kuwait faces heightened exposure to Hormuz transit risks given its heavy reliance on the strait for oil exports.
Regional refinery utilisation remains supportive at around 88% on Asian demand. Non-oil PMI readings in Saudi Arabia and the UAE have recently exceeded expectations, signalling resilient private-sector momentum. Saudi Arabia also opened its education sector to private and non-profit investment while banning mobile vendors from nine locations to improve urban order.
