Iran Says Hormuz Deal Days Away as Oil Nears $100 | Horizons Middle East & Africa 9/8/2026

Iran says a deal with Oman over shipping through the Strait of Hormuz is just days away and will include a temporary safe route, with Tehran preparing to declare a restricted zone in the coming days. Oil climbs on renewed Hormuz risks and stronger Chinese buying, with Brent nearing $100 a barrel. Qatar exports its first LNG shipment through Hormuz in weeks, potentially bringing relief to price-sensitive buyers.

Canada hits back in its trade dispute with the US, imposing new tariffs after Washington targeted key Canadian exports including furniture, plywood, plastics, electrical equipment and liquor. The two countries have nearly $900 billion in bilateral trade. President Donald Trump also threatens to bar Bombardier jets from the US, while tariffs are forcing companies including Sapporo to shift production from Canada to the United States.

US stocks slip as higher oil prices keep traders cautious. Copper hits a record high amid tariffs and struggles at major mines.

In currency markets, the yen approaches its 2026 high as the Japanese currency and South Korean won extend their rallies against a weaker dollar. Traders are watching key yen levels as its gains accelerate, while the won outperforms its peers and reaches a two-year high, helped by further equity gains and a rally in chip stocks.

South Korea’s Kospi rises for a fourth day as chip and nuclear-energy stocks advance. Japanese equities are mixed as a stronger yen and higher oil prices weigh on sentiment. China’s export growth rebounds, pushing its trade surplus close to $806 billion.

ADNOC is said to be in talks over potential stakes in refinery operations in Thailand and Nigeria’s Dangote refinery. The Abu Dhabi energy company is considering the investments as a way to secure buyers for its own and other crude supplies and expand its trading business, with a deal potentially being announced later this year.

Dangote is also courting retail investors for its record IPO in Nigeria, while Reliance Industries plans a $1.3 billion bond sale.

Saudi Arabian AI company Humain has begun preparations for an IPO and is considering listings on both Nasdaq and the Saudi stock exchange in 2028 or 2029. Malaysia, meanwhile, is said to be considering Huawei chips for an artificial-intelligence project.

South Africa’s lengthy run of economic growth is expected to come to an end after the economy expanded 0.5% in the previous three-month period. Zimbabwe’s inflation is forecast to fall to 8% this year as the economy benefits from high bullion prices and an emerging lithium industry.

In the UK, Andy Burnham’s policy toward Israel risks creating friction with the United States.

Anthropic is said to have dropped a planned $6 billion purchase from Decart. Guests includes Ryan Lemand, Neovision Wealth Management Co-Founder & CEO and David Cowan, Citi Research Africa Economist.

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