Oil Jumps as Saudi Pipeline Attack Deepens Energy Crisis
Oil surges above $108 a barrel after an attack shuts Saudi Arabia’s East-West pipeline, a key route that bypasses the Strait of Hormuz and threatens to deepen the global energy crisis. A planned Oman-Iran meeting on Hormuz is postponed as Saudi Arabia submits amendments to Oman’s proposal, while Houthi advances raise fresh risks for shipping through the Bab el-Mandeb Strait. The US energy deputy secretary discusses Venezuela’s oil potential and efforts to limit the impact of higher prices.
Asian stocks fall on concerns over an AI slowdown, with SoftBank shares sliding after AI leaders raise caution about development and spending. OpenAI’s Sam Altman says the company will prioritize safety and does not expect an IPO in 2026, while AI figures including Altman and Elon Musk weigh concerns over the pace of AI development.
Markets also face a major week for central banks, with Kevin Warsh under pressure to consider a 25-basis-point rate hike. US core CPI comes in above forecasts, adding to pressure on policymakers. Trump and Warsh remain on a collision course over interest rates, while Trump says he is not worried about Xi calling off their summit and announces plans to eliminate tariffs on Irish whiskey.
The UAE economy shows resilience despite the war, although economists expect GDP growth to slow to 1.7% this year before a sharp recovery next year. Meanwhile, Dangote’s fortune could rise by $23 billion through a refinery IPO expected to raise $1.6 billion and value the business at almost $50 billion. Guests includes Hasan Alhasan, IISS Middle East Policy Senior Fellow and Anita Krishna Gupta, Wealthbrix Capital Partners CIO.
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
00:04:33 – Saudi Shuts Oil Pipeline Bypassing Hormuz
00:08:02 – Hasan Alhasan, IISS Middle East Policy Senior Fellow
00:15:24 – Anita Krishna Gupta, Wealthbrix Capital Partners CIO
00:27:11 – AI Bosses Back Slower AI Development
00:32:50 – UAE Economy Shows Resilience Amid War
00:36:36 – James Danly, US Energy Deputy Secretary
00:39:23 – Dangote’s Fortune Set to Jump $23B on Refinery IPO
00:42:24 – Major Central Banks to Deliver Rate Decisions This Wee
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