Overview:
Saudi Arabia's main equity index rose 10.94 points to close at 10,844.12 points on trading volume of 5 billion riyals, with 141 companies posting gains. Global oil markets advanced on supply disruption fears following military escalation in the region, despite ample U.S. inventory levels. Gold prices approached 4,400 dollars per ounce amid inflation data expectations, while the Saudi ridesharing sector recorded 38.3 million trips in the second quarter of 2026, up 20 percent year-over-year.
Details:
The International Energy Agency confirmed that global oil markets face unprecedented supply pressures, reporting a daily deficit of 1.8 million barrels—the largest in five years—caused by renewed military tensions and shipping disruptions in the region. Brent crude futures climbed 1.19 dollars, or 1.4 percent, settling near 88.91 dollars per barrel. U.S. Energy Secretary Chris Wright reported that 9 million barrels of oil flowed through the Strait of Hormuz during the previous week, above recent averages.
In parallel, precious metals markets strengthened. Gold prices rose by approximately one percent, nearing 4,441 dollars per ounce, bolstered by declining expectations for U.S. Federal Reserve interest rate increases. Aluminum prices advanced for a seventh consecutive trading session to 3,337 dollars per ton, reflecting ongoing concerns about sustained supply constraints. The dollar showed slight gains ahead of expected U.S. consumer inflation data for July, with the yen remaining stable at 159.275 against the greenback.
Saudi Arabia reinforced its position as the dominant Islamic insurance market in the Gulf, accounting for approximately 89 percent of sector revenue in 2025 according to Standard and Poor's. Meanwhile, the Kingdom's digital government experience maturity index reached 87.06 percent at an advanced level following assessment of 59 platforms, with the Tawakkalna application achieving top satisfaction rankings among users.
Outlook:
Investors await U.S. inflation data expected Wednesday to clarify the trajectory of Federal Reserve monetary policy and its broader impact on commodity prices. Market attention remains focused on supply situation developments in the Middle East, particularly resolution prospects for the Strait of Hormuz and confirmation of global oil demand trends.