GULF WEEKLY: Oil hits $70 despite Iranian strikes, Saudi current account surplus, tourism rebounds in Oman and Bahrain

GULF COUNTRIES - Report 02 Jul 2026 by Justin Alexander

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

* The first US-Iran clashes since the MoU was signed took place, but ended with talks in Doha.
* A deal on staged Israeli withdrawal from Lebanon, a key Iranian condition, was brokered by the US.
* Hormuz transits picked up, peaking at about 50/day a week ago, and oil dropped to $70 today.
* Gulf sovereign funds committed a record $53.9bn in H1, led by Mubadala with $15.2bn.
* The UK aims to sign its free trade agreement with the GCC by September or October.
* Saudi Arabia’s current account swung to surplus in Q1 for the first time in two years.
* PIF's assets grew 5% to $1.21tn in 2025, and net profit doubled.
* The UAE central bank forecasts imply oil production rising to about 3.8m b/d in H2 and 4m in 2027.
* Abu Dhabi property sales surged by 174% y/y in H1.
* QatarEnergy issued its first oil tender since the war but has extended its LNG force majeure.
* Kuwait's KIA launched syndication for a $4.25bn three-year sovereign loan.
* Oman saw a sharp rebound in tourism in May, up 33% m/m and 21% y/y, driven by Asian visitors.
* Oman is subsidizing half of the transport and insurance costs for food imports for six months.
* Oman signed 12 agreements during Sultan Haitham’s visit to France, including with EDF and Suez.
* Bahrain saw a rebound in Gulf tourist spending, which more than doubled m/m and rose 16% y/y.
* Databank updates: UAE GDP, Saudi BoP, Bahrain debt, UAE forecasts.

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