Global and regional markets witnessed mixed developments in the past hours, as geopolitical tensions escalated in the Middle East, pushing oil prices to their highest levels in weeks, while regional economies showed varying inflationary pressures. In contrast, Saudi companies continued to strike deals and distribute profits, while economic cooperation between Turkey and Syria strengthened as a factor of regional stability.

In this report, we review the most prominent economic events that took place on Wednesday, July 22, 2026, highlighting their interconnections and impact on the economic landscape.

Turkish-Syrian Cooperation to Support Regional Stability

In a step reflecting the importance of economic partnership, Turkish and Syrian officials during a meeting in Ankara emphasized the role of trade in enhancing stability. Rifat Hisarcıklıoğlu, head of the Union of Chambers and Commodity Exchanges of Turkey, stressed that mutual gains between the two countries will positively reflect on the entire region, noting that Turkey hosts more than 30,000 Syrian companies that form a natural bridge between the two sides.

Hisarcıklıoğlu described trade as "the strongest guarantee for achieving peace," during his speech at a meeting titled "Free Trade and Industrial Zones in Syria and the Investment Environment," which was attended by Turkey's Trade Minister and the head of the Syrian General Authority for Land and Sea Ports.

Turkish official: Mutual gains between Ankara and Damascus enhance regional stability

Ankara and Damascus affirm the role of economic partnership in bolstering regional stability

Oil at Highest Levels Amid Supply Concerns

Global oil prices jumped sharply, influenced by the escalation of the conflict between Washington and Tehran. Brent crude rose to $93.91 per barrel, up 3.2%, while West Texas Intermediate climbed to $86.96, bringing both benchmarks close to their highest levels since June 11.

The spread between Brent's front-month and deferred contracts widened to $10.89, the highest since May, reflecting growing fears of supply disruptions through the Strait of Hormuz, through which about a third of the world's oil passes.

This tension was reflected in inflation in the region's countries; in Iran, the "Raja News" website reported that food prices have tripled since the last presidential elections, with vegetable oil prices rising 431% and eggs 342% over a year. In Morocco, annual inflation slowed to 0.3% in June, but it suffers from a 6.7% rise in transport prices due to the oil shock from the war.

Iranian media: Food prices tripled due to the war

Morocco: Annual inflation slows to 0.3% in June

Strong gains for Brent and WTI amid supply disruption fears

Saudi Deals and Distributions Boost Investor Confidence

The Saudi market saw multiple announcements supporting economic activity. Saudi Pipe Company won a contract from Aramco worth SAR 92.7 million to supply steel pipes, with the financial impact expected to appear in the first half of 2027.

Also, Elm Company announced the award of a contract with the Saudi Standards Authority to develop a product safety system, using a revenue-sharing model equivalent to about 15% of 2025 revenue. In the takaful sector, Al-Jazira Takaful received a BBB+ rating from Fitch with a stable outlook, thanks to capital strength and profit stability.

On the other hand, Yanbu National Petrochemical Company (YANSAB) approved a cash dividend of 10% for the first half, totaling SAR 562.5 million. In Jordan, Arabian Cement announced amendments to a share swap deal for its subsidiary, involving the sale and purchase of shares between Hijaz Cement and Ready Mix Concrete companies.

Substantial amendments to share swap deal of Arabian Cement's subsidiary in Jordan

Award of contract to develop product safety system for Standards Authority to Elm Company

Yanbu National Petrochemical Company approves cash dividends of 10% to shareholders

Fitch grants Al-Jazira Takaful a credit rating with stable outlook

SAR 92.7 million contract from Aramco to Saudi Pipe Company for steel pipe supply

Saudi Market Maintains Uptrend Amid Strong Liquidity

The Saudi market index closed at 10,775 points, up 23 points, with trading value exceeding SAR 3.7 billion. The auction and closing sessions saw trading of 9.99 million shares worth SAR 270 million, reflecting activity in determining final prices.

In the context of global confidence, Pew Research Center surveys indicated eroding global confidence in US leadership amid erratic policies, which could affect emerging markets within the context of current tensions.

Saudi market records trading of 9.99 million shares worth SAR 270 million via auction and closing sessions

Trump's policies and erratic statements undermine global confidence in US leadership

Saudi stock index closes higher at 10,775 points amid liquidity exceeding SAR 3 billion

On a day that witnessed geopolitical fluctuations and a rise in oil prices, the Saudi economy showed resilience through deals, investments, and continued dividend distributions, while Turkish-Syrian cooperation opens new horizons for regional integration, demonstrating the region's ability to balance risks and opportunities.