Gulf States in June 2026: the most important developments in economy
In the Gulf States in June 2026, the economy was dominated by the closure and reopening of the Strait of Hormuz and the resulting swings in oil prices. Oil jumped more than 7 percent on June 1 after Iran froze talks with the US and threatened to close the strait, and Brent traded above $93 by June 6. On June 10 the US struck Iran over the downing of an American helicopter, and on June 11 Iran declared the strait closed to all vessels. Prices then fell as Trump signaled a peace deal on June 12, and on June 15 the US and Iran reached a deal to reopen the strait. A ceasefire agreement was signed on June 18, and the strait reopened on June 19, when crude fell nearly 9 percent. By June 25, oil was back at prewar levels. On June 29, prices rose again after a flare-up. Brent ended the month near $72, down about 20 percent in June. Iran said on June 23 that the US had agreed to unblock $12 billion in frozen funds, while the UAE denied reports that it transferred $3 billion to Iran.
Exports began to recover. Saudi Arabia restarted loadings at a major terminal after a halt of nearly four months, and Persian Gulf crude exports were at 75 percent of prewar levels on June 25. The IEA said UAE oil exports had rebounded to 85 percent of prewar levels. Hormuz traffic reached 78 ships on June 26, with 42 percent taking the Oman route, and Qatar offered its first crude loadings since the war began. Kuwait started raising output and explored pipelines to bypass the strait. OPEC+ approved a fourth monthly increase of 188,000 barrels per day for July.
On June 22, an explosion at Qatar's Ras Laffan gas hub killed 13 people, injured 54 and left 18 missing. Qatar said it expected no impact on overall exports. Elsewhere, Abu Dhabi froze rent increases, Dubai property sales fell, and Dubai launched a same-day gold trading contract.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.