GULF WEEKLY: Oil flows after US-Iran MoU, Kuwait and Qatar expect quite rapid restarts, Moody’s affirms Sharjah

GULF COUNTRIES - Report 18 Jun 2026 by Justin Alexander

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

* Transits have picked up through Hormuz, and prices dropped to $78 after the US-Iran MoU.
* The 14-point deal offers Iran sanctions relief, unfreezing of assets and a $300bn fund.
* The IEA sees oil demand falling by over 1m b/d this year, amidst a surge in Chinese EVs.
* Saudi inflation seemed nearly immune to the war, holding steady at 1.8% in May.
* Aramco is exploring a $7bn sale of its sulfur midstream assets.
* Moody’s affirmed Sharjah, after a 2025 revenue surge, despite a forecast 3% GDP contraction.
* Moody’s sees the UAE’s oil production declining by -23% and its non-oil sector by -4%.
* DP World is seeking to develop its first container terminal in the US in over two decades.
* Qatar expects to restore 50% of undamaged LNG output within a month and 80% in two.
* IPOs are moving ahead in Qatar (a food producer) and Oman (a fertilizer venture).
* Kuwait Petroleum’s CEO revised his recovery time frame to 2m b/d within a week.
* Oman’s inflation rebounded to 3.8%, including transport (9.6%) and food (6.6%).
* The IMF raised Oman’s growth forecast for 2026 to 3.7% and its fiscal surplus to 4.5% of GDP.
* Bahrain’s business confidence index fell sharply, to the lowest level since Covid.
* S&P removed its creditwatch negative on Iraq but still sees a -7.5% of GDP deficit.
* Databank updates: Saudi and Oman inflation, forecasts for Sharjah, UAE, Abu Dhabi and Oman.

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