Gulf Firms' Q2 Results to Expose Iran War Toll as Brent Forecast Rises to $95
Updated
Updated · Atalayar EN · Jul 12
Gulf Firms' Q2 Results to Expose Iran War Toll as Brent Forecast Rises to $95
3 articles · Updated · Atalayar EN · Jul 12
Summary
Second-quarter earnings across Saudi Arabia, the UAE, Qatar and Oman are expected to give the clearest read yet on how four months of war with Iran hit Gulf companies.
Energy and telecoms look relatively resilient: HSBC lifted its 2026 Brent forecast to $95 a barrel and sees Q2 averaging $114, while operators such as STC, Mobily and e& were cushioned by steady demand.
Banks and property developers face the sharpest pressure as inflation, higher rates and weaker consumer activity bite; Gulf banks are seen posting single-digit profit declines, and Dubai home sales fell significantly below pre-conflict levels.
Geography is shaping the damage because reliance on the Strait of Hormuz varies: Saudi Arabia is still forecast to grow 2.1% this year, while the UAE, Qatar and Kuwait are heading for contraction.
The outlook remains fragile after Donald Trump said a provisional peace deal had failed, raising the risk that a lasting Hormuz risk premium keeps weighing on consumer-facing sectors and investment.
As its neighbors' economies shrink, is Saudi Arabia becoming the Gulf's undisputed powerhouse?
Iran now controls the world's oil chokepoint. Is this the new permanent reality for the global economy?
The Iran war is crippling fertilizer supply. How close is the world to a catastrophic food crisis?
Gulf Economies in Crisis: Q2 2026 Financial Results Reveal Immediate Impact of Iran War on Key Sectors and Regional Stability
Overview
The Iran War, which began at the end of February 2026, has quickly impacted the Gulf region’s economy. As Gulf companies in Saudi Arabia, UAE, Qatar, and Kuwait reported their Q2 earnings in July, these financial results provided the first clear view of the war’s immediate effects. The banking and real estate sectors, already under pressure before the conflict, have become even more vulnerable due to the war. While Saudi Arabia is expected to see modest economic growth, thanks in part to its Red Sea oil terminals offering an alternative to the disrupted Strait of Hormuz, other Gulf states face greater challenges.