Report published September 1, 2026
MUFG Middle East Daily: Oil Surges on Hormuz Tensions, Gold Holds, and Saudi Explores Syndicated Debt
Source and citation context
- Issuer
- MUFG
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Soojin Kim (Analyst)
Finvaulta summarizes MUFG's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Renewed US-Iran hostilities pushed Brent crude toward USD 91/b and maintained gold near USD 4,445/oz amid safe-haven demand and renewed inflation risks. Meanwhile, Saudi Arabia is seeking an USD 8bn syndicated loan to cover expanding deficits, and Turkey's Q2 GDP growth slowed to 2.3% y/y.
Key Takeaways
- 1.Oil prices climbed (Brent ~USD 91/b, WTI >USD 86/b) as renewed US-Iran hostilities heightened Persian Gulf energy flow and Hormuz shipping risks.
- 2.Saudi Arabia is in early talks to raise at least USD 8bn in syndicated loans to manage fiscal pressures, with its H1 deficit reaching SAR 160bn against a full-year target of SAR 165bn.
- 3.Turkey's GDP growth decelerated to 2.3% y/y in Q2 2026, marking a fourth straight quarter of slowing expansion amid restrictive 37% CBRT policy rates.
Table of Contents
- COMMODITIES / ENERGY
- TURKEY'S GROWTH SLOWS FURTHER IN Q2
- MIDDLE EAST – CREDIT TRADING
- MIDDLE EAST – MACRO / MARKETS
- CALENDAR – DATA / EVENTS / MEETINGS
- MARKET INDICATORS
Report data
TURKEY'S GROWTH SLOWS FURTHER IN Q2
| Metric | Estimate | Context |
|---|---|---|
| Brent Crude Price | 91.4 USD/b | Brent crude price rose amid renewed US-Iran tensions and Hormuz supply risk. |
| Turkey GDP Growth (y/y) | 2.3% | Turkey's real GDP growth decelerated for a fourth consecutive quarter. |
| Saudi Arabia H1 Budget Deficit | 160.0 SAR bn | Saudi Arabia's H1 deficit reached close to its full-year SAR 165bn target. |
| Central Bank of the Republic of Turkey (CBRT) Policy Rate | 37.0% | Restrictive policy rate continuing to weigh on domestic consumption and investment in Turkey. |
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Authors / Editors
Reported Data Context
- Brent Crude Price: 91.4 USD/b (2026-09-01) · Source: Bloomberg, MUFG Research
- Turkey GDP Growth (y/y): 2.3 % (Q2 2026) · Source: Bloomberg, MUFG Research
- Saudi Arabia H1 Budget Deficit: 160.0 SAR bn (H1 2026)
- Central Bank of the Republic of Turkey (CBRT) Policy Rate: 37.0 % (Q2 2026)