GCC Macro Daily(Beta Mode)
Houthi Strikes Lift Oil, Pressure Saudi Assets
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.04 | -0.08% |
| MSCI Saudi | 38.35 | -0.25% |
| MSCI UAE | 19.77 | +0.66% |
| MSCI Qatar | 17.31 | -0.46% |
| MSCI Kuwait | 37.72 | +0.00% |
| Brent Crude | 100.90 | +3.04% |
| WTI Crude | 96.00 | +3.19% |
| Gold | 4,457.90 | +1.46% |
| USD/SAR | 3.75 | +2.95% |
| USD/AED | 3.67 | +0.03% |
| USD/KWD | 0.31 | -0.55% |
| Bitcoin | 78,305.39 | -0.17% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
GCC Export Value (Oil Exporters) | Type: macro_line | USD mn: 70.67 (2026-06-01) | Range: -15.96–70.67 | Trend(5pt): 24.29,-11.6,5.136,2.412,70.67
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Houthi attacks on Saudi energy sites drive Brent to $100.90, up 3.04%.
- MSCI Saudi falls 0.25% while MSCI UAE gains 0.66% amid regional divergence.
- Saudi non-oil government activities expand 0.9% in Q2 2026 despite security shocks.
Yesterday's Recap
Houthi missile and drone strikes hit Saudi cities and energy facilities, causing fires at oil installations and injuring 73 people. Saudi authorities confirmed the attacks and pledged a firm response, while Houthi sources reported over 30 Saudi air strikes on Yemeni targets in Marib, al-Jawf, Taiz and Hodeida. Brent crude jumped 3.04% to $100.90 and WTI rose 3.19% to $96.00 on supply disruption fears.
Saudi Aramco declined 0.08% to 26.04 and MSCI Saudi slipped 0.25% to 38.35, reflecting direct exposure to the energy sector. MSCI UAE advanced 0.66% to 19.77 while MSCI Qatar eased 0.46% to 17.31 and MSCI Kuwait held steady at 37.72. Saudi non-oil government activities grew 0.9% in Q2 2026, offering limited support for diversification efforts.
USD/SAR rose 2.95% to 3.75 amid the volatility while USD/AED edged 0.03% higher to 3.67 and USD/KWD fell 0.55% to 0.31. Gold advanced 1.46% to 4,457.90 on safe-haven buying. No economic data releases occurred.
The Day Ahead
No economic data releases or central bank meetings are scheduled across the GCC today or tomorrow. Markets will monitor any Saudi military response to the Houthi strikes and potential further disruptions to Red Sea shipping. OPEC+ maintains its existing output quota stance with no new announcements expected.
Regional equity and oil traders will track global risk sentiment and any updates on UAE flight operations affected by weather. Sovereign credit spreads may widen if tensions persist without quick de-escalation.
Other Economic Notes
Elevated oil prices from the attacks provide fiscal breathing room for GCC exporters but raise insurance and security costs. Saudi Arabia’s non-oil expansion remains modest and vulnerable to prolonged conflict that could deter investment. UAE diversification into tourism and services continues, supported by new flight routes to Saudi destinations.
Broader regional equity performance shows clear bifurcation, with UAE markets outperforming Saudi peers on relative stability. Protracted Houthi conflict risks squeezing Saudi fiscal balances and deterring foreign direct investment into non-oil sectors.
