MUFG
June 3, 2026
Middle East Daily
Daily UpdateCommoditiesRates CreditMacro Economic IndicatorsEnergyFinancials
Middle East markets are seeing a recovery in business activity (PMIs) and resilient Saudi M&A, even as oil prices rally on continued US-Iran tensions and military clashes.
Key Takeaways
- 1.Oil prices have rallied for three sessions, with Brent nearing USD 97/b, driven by geopolitical tensions in the Middle East and concerns over US-Iran peace deal delays.
- 2.MENA business conditions are stabilizing/improving following Iran war disruptions, as evidenced by rising PMIs in Saudi Arabia (52.8) and the UAE (52.6).
- 3.The credit market showed an early boost from Trump's comments on Israel/Hezbollah, but momentum faded as the day progressed with liquidity preferring sovereign bonds over corporates.
Table of Contents
- COMMODITIES / ENERGY
- MIDDLE EAST – CREDIT TRADING
- MIDDLE EAST – MACRO / MARKETS
- CALENDAR – DATA / EVENTS / MEETINGS
- MARKET INDICATORS
- DISCLAIMER
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Authors
Soojin KimDominik Roth
Securities
Brent CrudeADGB 54sFABUH perpsXAU
Themes
Geopolitical Supply RiskMENA Economic Resilience
Regions
Middle EastSaudi ArabiaUnited Arab EmiratesEgypt