On June 26, 2026, "Horizons: Middle East & Africa" highlighted several key financial stories. A cargo ship was attacked in the Strait of Hormuz, leading to renewed concerns about safe passage through the vital waterway and causing oil prices to fluctuate, with Brent crude trading 1.9% lower at about $74 a barrel. This incident occurred despite an interim U.S.-Iran deal to reopen the Strait of Hormuz and efforts by Iran and Oman to jointly administer it, though U.S. Secretary of State Marco Rubio reiterated that tolls or fees in the Strait are unacceptable.
The global equities market, particularly the tech sector, experienced a significant sell-off. Apple shares plunged 6% after the company increased global prices on Macs, iPads, and the Vision Pro to offset severe memory chip shortages. This move led to a massive downward trend in Asian equities, with the MSCI Asia down almost 3% and the Nikkei 225 down more than 4%. South Korean stocks also faced heavy losses, with KOSPI leading declines down more than 7%. Bond traders began paring expectations for a Fed rate hike this year as a result of the market nervousness.
Adding to the tech sector's woes, reports surfaced that OpenAI might be delaying its IPO until next year. This news significantly impacted Softbank, which holds a large stake in OpenAI, causing its shares to drop about 14%, marking its biggest intra-day loss in three months. Despite some chipmakers like Samsung Electronics and SK Hynix announcing large AI investments, their stocks were also heavily affected, showing leading losses.
Economically, S&P Global Ratings lowered growth forecasts for South Africa and Nigeria, citing lingering uncertainty despite the interim U.S.-Iran deal. Johannesberg's finances are in crisis, with the city owing millions to utility providers, facing deteriorating infrastructure, mounting debt, and failing basic services, prompting discussions about a potential government takeover to avert financial collapse. Senegal is also planning to integrate new IMF financing into its next year's budget, with its deal contingent on resolving previously undisclosed debt issues with the lender.
