GULF WEEKLY: Gulf crudes hit $100 as Hormuz blockage continues, some hydrocarbon and downstream production shuts down, Iranian attacks on the GCC continue
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude touched $90, Oman/Murban $100, and Qatar’s energy minister warned of $150.
* Hormuz remains largely closed, with no visible action on US escort or insurance plans.
* Saudi Arabia is increasing oil loading on the Red Sea to about 2.5m b/d (a third of pre-war exports).
* Trump said that he wants a deal and to choose Iran’s leader; he also cheered on Kurdish rebels.
* Initial US investigations point to responsibility for bombing a girl’s school in Minab, killing 165.
* Iranian attacks on the GCC are reducing somewhat, but drone attacks on the UAE remain high.
* The closure of Hormuz is blocking 9% of global aluminum and a third of fertilizers and helium.
* Gulf equity markets ranged from a -7.7% decline in Dubai to a 0.6% increase in Saudi Arabia.
* Before the war hit, the GCC posted solid PMIs for February, including Kuwait near its record level.
* Chinese banks are reportedly reducing exposure to GCC credit, and Adnoc postponed a yuan bond.
* There were outages in e-banking in the UAE after drone damage to Amazon data centers.
* Flights are resuming today from Abu Dhabi. Airports remain closed in Qatar, Bahrain and Kuwait.
* Iranian jets shot down on Monday were intercepted by Qatari F-15s as they approached a US base.
* It will take Qatar a month to restart LNG and six months or more to restart its aluminum smelter.
* QIA announced investments in US companies in green energy, chipmaking and space technology.
* Alba also did a major deal, agreeing to acquire Europe’s largest smelter, Aluminum Dunkerque.
* Bahrain’s current account surplus rose to 6% of GDP in 2025.
* Databank updates: UAE Q3 GDP; Bahrain BoP; OPEC quotas, PMIs.
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