The June 8, 2026, episode of Bloomberg's Horizons Middle East & Africa focused on significant geopolitical and economic events. A primary topic was the jump in oil prices following Israel's retaliatory strikes against military targets in Iran, despite calls from President Donald Trump for restraint. The report highlighted concerns that disruption in the Strait of Hormuz could prevent producers from bringing additional barrels to market, although oil prices remained below $100 per barrel for Brent crude at around $95.
Another key discussion point was the unwinding of the artificial intelligence (AI) rally, which led to drops in stocks and bonds. This shift was characterized as the biggest rotation on record between US semiconductors and low volatility stocks. Stronger-than-expected US data reinforced bets for Federal Reserve rate hikes, further impacting market sentiment.
OPEC+ agreed to another increase in oil output quotas for July. While largely symbolic at the time, this move could become more significant if exports from the Gulf resumed. Etihad Airways also reported a faster-than-expected recovery from regional disruptions caused by the Iran war, with the CEO projecting capacity to reach 110% of the previous year's levels by mid-June.
Guests on the program included Manpreet Gill, CIO AMEE at Standard Chartered Wealth Management, Karen Young, Senior Research Scholar at Columbia University's Center on Global Energy Policy, and Mahdi Amjad, Founder and Executive Chairman of OMNIYAT Group. The program also touched upon Algeria's work on a trans-Sahara pipeline.
