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Iran Seeks to Bar US, Israeli Ships From Hormuz | Horizons Middle East & Africa 8/7/2026
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August 7, 2026
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47:03Now PlayingOil prices extended their gains as tensions around the Strait of Hormuz remained elevated. Iran is seeking to bar US and Israeli ships from using the strategic waterway, while its parliament reviews the proposed Iran-Oman agreement and considers requiring compensation from countries it views as hostile before shipping can fully resume. President Trump said the US controls the Strait of Hormuz and expressed optimism that the war could end soon, while Washington called for a return to the pre-war status quo in the vital shipping lane.
Investors also turned their attention to the latest US jobs report, with payroll data expected to play a key role in shaping the Federal Reserve's next move. Bond markets weakened ahead of the release, while the Japanese yen gave back nearly half of its gains following coordinated intervention and slipped beyond ¥158 per US dollar. Asian stocks declined on renewed Iran concerns, and Japan's Nikkei fell after disappointing technology earnings.
In business and technology, China's exports and imports posted double-digit growth as AI demand supported trade. DeepSeek is preparing to resume an $8 billion funding round to expand its data center footprint, SoftBank reported stronger-than-expected quarterly profit and secured a $10 billion loan backed by its OpenAI stake, while Alphabet's bond sale attracted around $115 billion in investor demand.
Elsewhere, the UAE restored seaborne oil exports to pre-war levels through expanded shuttle services, Saudi Arabia reported a $43 billion budget shortfall despite benefiting from higher oil prices, and the broader Middle East conflict continued to weigh on non-oil sectors. Congo banned exports of copper and cobalt concentrates, while the US pledged additional funding to support Ebola response efforts in Congo and Uganda as the region battles its largest outbreak. Guests includes Jun Bei Liu, Ten Cap Founder, George Cheveley, Ninety One Natural Resources Portfolio Manager and Patrick Grady, Sequoia Capital Partner.
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.
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