Gulf States in September 2026: the most important developments in economy
In September 2026 the Gulf States economy was dominated by an attack on Saudi Arabia's East-West oil pipeline and by the disruption of shipping through the Strait of Hormuz. The pipeline was hit by projectiles around September 11 to 14, an attack attributed to Houthi forces, and damage was expected to take weeks to repair. Brent crude rose above $108 and reached $109 on September 13, up from about $95 at the start of the month. Saudi Arabia shifted to spot sales, and ADNOC Trading bought Iraqi crude at a discount of $25 a barrel. Ship-to-ship transfers in the Gulf of Oman reached capacity on September 25. Saudi Arabia restarted the pipeline on September 22 and was exporting through it by September 28, and oil prices fell below a psychological threshold on September 21.
Qatar's gas exports formed the second theme. QatarEnergy suspended LNG supplies to Poland until October and extended force majeure notices into late September; Edison in Europe was told gas would not arrive before December. Qatar said production was very limited and that it could resume LNG operations within weeks of a reopening of the strait, while its $83 billion LNG expansion was reported at risk. Iran and Oman agreed on a plan to open the strait on September 16, when traffic fell to four ships and tanker insurance costs reached $20 million. LNG tankers were transiting again by September 18.
Markets and policy followed. The US Federal Reserve raised rates, and on September 16 the UAE Central Bank raised its base rate to 3.9 percent. Dubai gold prices fell, and OPEC+ held output quotas steady. The UAE said its energy exports would not be held hostage, and its trade minister called Hormuz a red line. Airlines in Dubai and Abu Dhabi reported repeated delays and cancellations, the UAE suspended flights by Iranian airlines, and a UAE security chief said the Islamic Revolutionary Guard Corps was behind many cyber attacks on the country.
Investment and infrastructure continued. XRG pursued a $150 billion programme, and Abu Dhabi firms announced deals in Germany worth more than €5 billion. Etihad Rail began passenger services between Dubai and Abu Dhabi on September 29 with 10 daily journeys. On September 30 a flydubai flight to Tel Aviv diverted to Saudi Arabia after an altercation between the pilots, and Flydubai suspended flights to Israel.
by WorldBrief & Maksim Micheliov | AI-generated summary
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