US, Iran Explore Deal to Reopen Hormuz, Saudi Oil Exports Hit War-Time High
The US and Iran are said to be exploring a phased deal to reopen the Strait of Hormuz as diplomatic efforts gain momentum, though negotiations have broken down several times before. Oil turns lower and bonds stabilize, while Saudi crude shipments surge and the kingdom’s oil exports hit a war-time high above 5 million barrels a day, even as flows face risks from Hormuz and the Red Sea.
Global bond markets remain under pressure, with the US 30-year yield reaching its highest level since 2004 as investors weigh rising yields and expectations for a potential Federal Reserve rate hike. Wall Street confronts a “new normal” of 5% yields, increasing pressure on consumers and companies.
President Donald Trump and Xi Jinping tackle AI and Taiwan at their White House summit. Xi says the US and China should explore new ways to get along and can complement each other, while pushing Trump to oppose Taiwan independence. The leaders also discuss AI, as two pandas prepare to arrive at Atlanta Zoo. Trump raises concerns over the weak yen with Japanese Prime Minister Sanae Takaichi.
Elsewhere, UBS considers a potential merger with a foreign bank, Anthropic strikes a $12 billion AI compute deal with Akamai, and Oracle cites force majeure affecting a data center.
In the Middle East, the Houthis step up attacks on Saudi Arabia, while Yemen warns that Houthi advances threaten international trade. Salem Bawazir says supporting Yemen is an investment in international peace and security. Iran-UAE flights are halted as US sanctions bite.
Israeli Prime Minister Benjamin Netanyahu addresses the UN General Assembly, calling Trump Israel’s greatest partner as he faces October elections. About 100 people are arrested at a New York City protest amid Netanyahu’s feud with Mayor Zohran Mamdani, with Israeli elections scheduled for Oct. 27. NATO’s chief says Europe is ready to respond to hybrid attacks and argues the alliance is much stronger than Russia. He says Vladimir Putin needs to “play ball” on Ukraine, that Kyiv is open to talks over refinery strikes, and that European countries should be able to intervene in the Middle East when necessary. Guests includes Lale Akoner, eToro Global Market Strategist.
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
00:06:37 – Trump and Xi Tackle AI, Taiwan
00:12:07 – US, Iran Said to Be Exploring Phased Deal to Open Hormuz
00:15:52 – Lale Akoner, eToro Global Market Strategist
00:28:18 – Wall Street Reckons With ‘New Normal’ 5% Yields
00:31:27 – Saudi Oil Exports Hit War-Time High
00:38:39 – Netanyahu Speaks at UNGA
00:42:17 – Mark Rutte, NATO Secretary General
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