GCC Macro Daily(Beta Mode)
Houthi Strikes Lift Oil Prices, Saudi GDP Contracts
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.06 | +0.39% |
| MSCI Saudi | 38.42 | -0.22% |
| MSCI UAE | 19.72 | +1.28% |
| MSCI Qatar | 17.43 | +1.16% |
| MSCI Kuwait | 37.60 | -0.13% |
| Brent Crude | 99.62 | +3.47% |
| WTI Crude | 94.61 | +3.42% |
| Gold | 4,423.00 | -0.15% |
| USD/SAR | 3.75 | +3.04% |
| USD/AED | 3.67 | +0.03% |
| USD/KWD | 0.31 | -0.55% |
| Bitcoin | 78,607.89 | -0.64% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude 3M | Type: market_hloc | USD/bbl: 99.67 (2026-09-08) | Range: 71.57–100.7 | Trend(5pt): 94.25,71.57,96.78,90.87,99.67
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Houthi attacks on Saudi energy facilities ignite fires and injure 73, driving Brent up 3.47%.
- Saudi Q2 GDP contracts on oil output slump while non-oil activities rise 0.9%.
- MSCI UAE and Qatar advance as regional equities show mixed response to supply risks.
Yesterday's Recap
Houthi militants struck Saudi oil facilities in Jizan near the Yemeni border, causing fires and injuring 73 people while Saudi authorities vowed a response. The attacks coincide with ongoing regional tensions and directly elevated oil supply risk premia. Saudi Arabia’s Q2 economy contracted as oil output slumped, per official data, though GASTAT reported non-oil activities expanded 0.9%.
Brent crude jumped 3.47% to 99.62 and WTI rose 3.42% to 94.61 on the disruption fears. Saudi Aramco gained 0.39% while MSCI Saudi slipped 0.22%; MSCI UAE rose 1.28% and MSCI Qatar added 1.16%. USD/SAR moved 3.04% higher amid the volatility.
No macro releases emerged from the UAE, Qatar, Kuwait, Oman or Bahrain.
The Day Ahead
No scheduled data releases or central bank meetings appear on the calendar for the six GCC states. Markets will monitor Saudi statements on potential retaliation and any OPEC+ member comments on output stability. Traders will track Brent and WTI for further supply-premium adjustments following the Jizan incidents.
Regional equity flows may continue to favor UAE and Qatar indices on relative stability perceptions. Attention will also remain on any updates regarding Red Sea shipping and Strait of Hormuz transit risks.
Other Economic Notes
Saudi non-oil growth of 0.9% in Q2 underscores ongoing Vision 2030 diversification efforts despite oil-sector weakness. Elevated crude prices from the attacks should support fiscal balances across GCC exporters in coming quarters. OPEC+ members including Saudi Arabia, Kuwait and Oman maintained October quotas unchanged, signaling commitment to current production paths.
Broader regional equity performance remains sensitive to geopolitical headlines rather than domestic data in the near term.
Global Macro News
The Houthi strikes on Saudi infrastructure add immediate upward pressure to global oil benchmarks already sensitive to Middle East supply routes. Iran-linked warnings targeting tankers near Kuwait and Bahrain further heighten energy-security concerns across the Gulf. ↓ p.2
