GULF WEEKLY: Oil touches $100 as Houthis attack Saudi tankers, UAE-Saudi rapprochement, US-Saudi nuclear deal
A skimmable summary overlaid with our analysis and links. Headlines:
* The war intensified, with four Americans killed and Trump renewing threats on civilian infrastructure.
* Iran launched intense attacks on Kuwait, including power plants, and also hit Bahrain and Saudi Arabia.
* The Houthis announced a blockade of Saudi shipping and attacked two tankers, spiking oil to $100.
* The GCC states were among dozens of countries subject to new higher US tariffs, set at 12.5%.
* Saudi Arabia and the UAE signaled rapprochement, as senior royals were photographed arm in arm.
* A US-Saudi nuclear deal was put in doubt when Trump made it conditional on Israel normalization.
* Saudi banks grew profits in Q2, led by Rajhi, but petrochemical results varied based on Hormuz exposure.
* Adnoc reached FID on its $6bn Umm Shaif Gas Cap project, targeting 600mcf/d by 2030.
* DP World provided details on new terminals planned in Fujairah, including 2.5m TEU capacity.
* MGX and partners completed the takeover of the US’s Aligned Data Centers and committed $5bn in growth capital.
* Kuwait’s debt rose to nearly $45bn (28% of GDP) as it issued $6bn in dollars and $0.5bn in dinars.
* Kuwait’s latest population data implied about a further 10,000 denaturalizations during H1.
* Oman neared a fiscal balance in April YTD, despite 14% y/y spending growth and before the wartime revenue boom.
* Bank Nizwa is looking to buy Alizz, which would give it over a third of Oman’s Islamic assets.
* Oman was the only Arab state to join the Chinese-led World AI Cooperation Organization.
* Iraq recommitted to the Development Road project, after appearing to back away from it last month.
* Databank updates: Oman fiscal, Kuwait inflation, Saudi forecasts, Oman monthly data.
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