GULF WEEKLY: Conflict pushes oil back to $87, US eases chip exports to UAE, Qatar’s former Emir dies

GULF COUNTRIES - Report 17 Jul 2026 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* US and Iranian strikes reached their most intense since April, and oil surged as high as $87.
* Hormuz transits ground to a halt with the Iranian attacks (killing two Indians) and the US blockade.
* Iran attacked Kuwait heavily, damaging a power plant, along with Bahrain, Qatar and even Oman.
* The Houthis attacked Saudi Arabia for the first time in four years and could threaten oil sites and shipping.
* Oman’s foreign minister criticized US strategy and called for a GCC-Iran-Iraq security architecture.
* Fitch affirmed Saudi Arabia at A+ and sees a fiscal deficit of -3.9% of GDP this year.
* The Saudi energy minister, Prince Abdulaziz, also took on the industry and minerals portfolio.
* I Squared Capital plans to invest up to $2bn in PIF’s digital infrastructure and cooling assets.
* The US granted the UAE top-tier export clearance, including for critical AI chips.
* ADIA invested in India’s largest asset manager and Emirates NBD upped its bid for IDBI Bank.
* Qatar’s Father Emir, the architect of the modern state who stepped down in 2013, died aged 74.
* Kuwait’s Q1 GDP contracted by -4.6% y/y, with oil down -13%, hospitality -10% and transport -9%.
* Oman’s inflation eased back to 2.8% in June, the lowest since the start of the war.
* Oman is looking to procure an additional 4GW of solar power by 2030.
* Bahrain’s FX reserves rose in June but remained below one month of import cover, at $1.8bn.
* Iraq advanced oil bypass pipeline projects to Jordan and Syria and extended the Turkey contract.
* Databank updates: Kuwait GDP, Saudi and Oman inflation, Saudi forecasts, Bahrain FX reserves.

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