MUFG Securities, Inc & MUFG Bank, Ltd.
July 9, 2026
Middle East Daily
Daily UpdateCommoditiesEquitiesRates CreditEnergy
The Middle East faces significant market volatility as US-Iran conflict intensifies, pushing oil prices higher and impacting regional credit and equity markets. Meanwhile, Egypt reports record foreign exchange reserves amidst challenging macroeconomic conditions.
Key Takeaways
- 1.Oil prices rallied due to escalating US-Iran conflict, with Brent above USD79/b and WTI approaching USD74/b.
- 2.Egypt's net international reserves reached a record high of USD55.1bn at end-June 2026.
- 3.IMF outlook for GCC in 2026 is uneven, with Saudi Arabia expected to be resilient compared to contractions in Qatar and Kuwait.
Table of Contents
- COMMODITIES / ENERGY
- MIDDLE EAST – CREDIT TRADING
- MIDDLE EAST – MACRO / MARKETS
- CALENDAR – DATA / EVENTS / MEETINGS
- MARKET INDICATORS
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Authors
Soojin KimDominik Roth
Securities
Brent Crude
Themes
Energy Market TightnessGeopolitical Risk
Regions
Middle EastEgyptSaudi ArabiaIran