Saudi Oil Falls to 9-Year Low as Tanker Attacks Rise | Horizons Middle East & Africa 9/3/2026

Watch on YouTube ↗  |  September 03, 2026 at 06:50  |  46:14  |  Bloomberg Markets
Speakers
Winnie Hsu — Bloomberg Reporter (Asia Markets)
Jill Disis — Managing Editor, Bloomberg Hong Kong
Maurice Gravier — Wealth Management Group CIO, Emirates NBD
Mike Wirth — CEO of Chevron
Anthony DiPaola — Reporter, Bloomberg (Energy)
Abeer Abu Omar — Reporter, Bloomberg London
Paul Wallace — Team Leader/Senior Editor, Bloomberg
Alex Dooley — Reporter, Bloomberg
Dan Williams — Jerusalem Reporter, Bloomberg

Summary

The episode covers Middle East oil supply risks, with Saudi crude exports at a nine-year low and tanker attacks disrupting Red Sea and Hormuz routes. Markets also focus on yen intervention risk ahead of the BOJ, possible US semiconductor tariffs, and AI-related tech strength. Emirates NBD CIO Maurice Gravier details an overweight emerging-market equities position, favors China on AI valuation, and sees US yields near a top while considering adding duration. Corporate updates include Chevron's Venezuela production expansion and AI-driven demand at HPE and Snowflake.

  • Saudi oil exports hit their lowest level in nine years as Red Sea attacks threaten alternative export routes.
  • Brent trades above $95 but falls as President Trump calls renewed Iran strikes short-lived.
  • The yen strengthens and traders watch for possible BOJ-related intervention around 160.
  • The US weighs new semiconductor tariffs, with TSMC and Micron potentially gaining exemptions.
  • Emirates NBD is overweight emerging-market equities and favors China on AI valuation.
  • Maurice Gravier says US yields are near a top and the firm is considering adding duration.
  • Chevron CEO details a $7 billion Venezuela investment to more than triple production.
  • Asian financial stocks hit record highs on Japan and South Korea rate-hike expectations.
Ideas
Winnie Hsu Bloomberg Reporter (Asia Markets) 3:01
Yen intervention risk near 160.
The yen strengthened sharply after hawkish Bank of Japan comments and a possible intervention or rate check, with caution building around the 160 level against the dollar ahead of the BOJ decision and Japan's long holiday. The setup points to continued intervention risk and yen strength.
FXY MED
Jill Disis Managing Editor, Bloomberg Hong Kong 11:45
TSMC and Micron likely tariff-exempt winners.
The Trump administration's fresh semiconductor tariff plan is aimed at data servers and designed to incentivize US manufacturing. Companies with significant US commitments, such as TSMC and Micron, are likely to receive exemptions or be spared, while companies without that US footprint would face duties.
TSM MU MED
Maurice Gravier Wealth Management Group CIO, Emirates NBD 13:50
Overweight emerging market equities.
Emirates NBD is overweight emerging market equities for secular, valuation and ownership reasons. The old world/new world shift is creating opportunities, and emerging markets are no longer as emerging as they used to be.
EEM HIGH
Maurice Gravier Wealth Management Group CIO, Emirates NBD 14:00
China AI valuation and growth favorite.
China is the favorite emerging market because it is building its own AI stack at a very affordable price. Asian AI names offer similar technology to the US at better valuations and are only three to six months behind, creating a mix of valuation and growth.
FXI HIGH
Maurice Gravier Wealth Management Group CIO, Emirates NBD 15:31
US yields near top; add duration.
The firm believes US yields are close to a top. It was short duration for a long time and that worked, but it is now considering adding duration. Inflation expectations are stable around 2.4%, and high yields are driven more by growth and debt than by inflation.
TLT HIGH
Maurice Gravier Wealth Management Group CIO, Emirates NBD 16:28
Equities can withstand five percent yields.
High Treasury yields mainly reflect growth and heavy capital investment rather than inflation. Earnings have been spectacular, and equities can live with yields around five percent unless there is an absolute crash in bonds; there is no solvency issue.
SPY MED
Winnie Hsu Bloomberg Reporter (Asia Markets) 27:46
Rate hikes lift Japanese bank stocks.
Asian financial stocks are hitting record highs, led by Japan's Topix bank index, as investors expect the central banks in Japan and South Korea to continue raising rates. That rate-hike path supports bank earnings and financial sector momentum.
TOPIX-BANKS MSCI Financials Index MED
Anthony DiPaola Reporter, Bloomberg (Energy) 28:15
Saudi export disruption keeps oil supply risky.
Saudi crude exports fell to the lowest level in nine years as Red Sea attacks make buyers reluctant to send tankers through Bab el-Mandeb, and the longer route around Africa adds cost and time. With Hormuz still restricted and Saudi tankers being struck, oil supply routes remain disrupted and risky.
BNO MED
Mike Wirth CEO of Chevron 35:31
Venezuela deals boost Chevron production.
Chevron's new Venezuela agreements allow about $7 billion of investment across three joint ventures over five years, more than tripling production to over 600,000 barrels per day by 2031. The added acreage holds many billions of barrels of reserves that will last decades, with overall capex guidance unchanged.
CVX HIGH
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This Bloomberg Markets video, published September 03, 2026, features Winnie Hsu, Jill Disis, Maurice Gravier, Anthony DiPaola, Mike Wirth discussing FXY, TSM, MU, EEM, FXI, TLT, SPY, TOPIX-BANKS, MSCI Financials Index, BNO, CVX. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Winnie Hsu, Jill Disis, Maurice Gravier, Anthony DiPaola, Mike Wirth  · Tickers: FXY, TSM, MU, EEM, FXI, TLT, SPY, TOPIX-BANKS, MSCI Financials Index, BNO, CVX