Gulf firms' Q2 earnings to reveal uneven impact of Iran war

Companies across the Gulf are set to publish second‑quarter results that will show how the four‑month Iran war has affected regional business. Analysts say the conflict has hit banks and real‑estate firms hardest, while telecom operators such as Saudi Arabia’s STC and Mobily and the UAE’s e& have remained resilient thanks to long‑term contracts.

Energy firms faced supply disruptions from the partial closure of the Strait of Hormuz but benefitted from higher oil prices; HSBC has raised its Brent forecast to $95 a barrel for 2026 and expects an average of $114 in the quarter. Saudi Arabia, which can also export via Red Sea terminals, is projected to grow 2.1% this year, whereas Oman, outside the strait, has outperformed regional peers. The UAE, Qatar and Kuwait, more dependent on Hormuz‑linked exports, are expected to contract.

The war has also weighed on Gulf equity markets, with the Dubai Index and Saudi Tadawul falling as oil prices rose above $100 a barrel. U.S. President Donald Trump announced that an interim agreement with Iran was over after fresh attacks on U.S. bases, adding to uncertainty. “The second quarter is going to reveal the real impact of the war,” said Tariq Qaqish, deputy CEO of FH Capital, while S&P Global Ratings warned that further confidence shocks could worsen risks for consumer‑oriented companies.