Oil prices jumped after the Houthis said they attacked two Saudi oil tankers in the Red Sea, prompting more vessels to avoid the region and raising fresh concerns over global energy supplies. Shipping disruptions are now spreading across both the Red Sea and the Strait of Hormuz, creating what analysts describe as a "two-chokepoint" risk for the global oil market. The US also carried out a twelfth round of strikes against Iran, while President Trump threatened to target Iran’s bridges and power plants if the conflict continues. Despite the escalation, Washington and Tehran signaled that new peace talks are not expected anytime soon.
We also cover the latest earnings from Emirates NBD and First Abu Dhabi Bank, both reporting slightly stronger-than-expected quarterly operating income. The US signed a civilian nuclear cooperation agreement with Saudi Arabia, while Alphabet raised its AI investment outlook, Tesla reported weaker-than-expected profits despite plans to increase capital spending, and US officials alleged that Moonshot AI accessed restricted Nvidia chips.
In Asia, South Korea’s KOSPI surged nearly 4%. We also examine Canada’s response to new 50% US tariffs, DU’s steady second-quarter financial results, rising inflation in South Africa strengthening expectations for higher interest rates, and why the European Central Bank is expected to hold rates steady in July before potentially tightening policy in September.
Guests includes Amol Shitole, Mashreq Capital Fixed Income Head; Anita Anand, Canadian Foreign Minister; and Kais Ben Hamida, DU CFO.
Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.
Chapters:
00:00:00 – Introduction
00:04:55 – Houthis Attack Two Saudi Tankers in the Red Sea
00:09:35 – Alphabet Hikes AI Spending Outlook
00:14:25 – Amol Shitole, Mashreq Capital Fixed Income Head
00:20:05 – Moonshot Accessed Banned NVIDIA Chips
00:27:05 – Oil Jumps After Houthis Attack Two Tankers in Red Sea
00:31:15 – Anita Anand, Canadian Foreign Minister
00:35:40 – Kais Ben Hamida, DU CFO
00:42:05 – ECB likely to keep rates unchanged in July
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