Brent Oil Hits $100 as US-Iran War Shows Little Sign of Abating | The Opening Trade 9/9/2026

Watch on YouTube ↗  |  September 09, 2026 at 11:01  |  1:36:07  |  Bloomberg Markets
Speakers
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist
Scott Bessent — Treasury Secretary
Skyler — Bloomberg Markets Live Team
Marieke Blom — ING Chief Economist and Global Head of Research
Stephen Stapczynski — Asia Energy Coverage, Bloomberg
Will Hobbs — Chief Investment Officer, Brooks MacDonald
Steve Weiss — Chief Investment Officer, Short Hills Capital Partners
Andrea Felsted — Columnist, Bloomberg Opinion
Anna Edwards — Anchor, Bloomberg TV (London)
Tom Mackenzie — Anchor, Bloomberg
Matt Bloxham — Head of Research, The Block
Daniel Metzler — CEO and Co-Founder, Isar Aerospace
Scott Kleinman — Co-President, Apollo Global Management

Summary

Bloomberg's Opening Trade covers Brent crude breaking above $100 on escalating US-Iran attacks and recovering Chinese crude buying, with spillover into gas, bonds, yields and European equities. The program examines Treasury Secretary Bessent's yen intervention warning, expected BOJ/ECB/Fed policy paths, and a commodities bull-market call from Mark Cudmore. Private equity leaders at IPEM discuss higher capital costs, while stock-specific updates include Inditex, luxury, defense/aerospace, Apple's foldable iPhone, and Alphabet's Finland AI infrastructure.

  • Brent crude hits $100 as the US strikes Iranian tankers and Iran retaliates; gas and diesel remain elevated.
  • Treasury Secretary Bessent warns traders not to bet against the yen; yen strength is tied to BOJ and GPIF flows.
  • Mark Cudmore argues the commodities bull market is underpriced and the bond bear market has further to run.
  • ING's Marika Blom expects only one ECB hike despite market pricing for more; the Fed is seen hiking in September for credibility.
  • IPEM private equity guests debate higher yields; Carlyle's Steve Wise sees long-term opportunity in aerospace and defense.
  • Inditex falls on margin pressure, luxury names face downgrades, and Alphabet's Finland AI deal boosts Fortum and Nokia.
  • Will Hobbs suggests moving away from 60/40 toward EM credit, commodities and alternatives, and prefers UK equities over stretched US stocks.
Ideas
Scott Bessent Treasury Secretary 4:01
Do not bet against Japanese yen
Bessent says he has asymmetric information and coordination with Japanese policymakers, describes himself as 'the House', and dares FX traders to bet against him, implying that the yen's strengthening should not be fought.
FXY MED
Marieke Blom ING Chief Economist and Global Head of Research 30:07
ECB won't hike as much as priced
The market is pricing two more ECB rate hikes by year-end, but ING sees only one hike as enough because core inflation, services and wages are well-behaved, creating a dovish setup for European bonds.
IGOV MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 41:54
Commodities bull market has further to go
Cudmore argues markets are underpricing a powerful commodities bull cycle. Demand is driven by the debasement trade away from fiat currencies, AI infrastructure, climate transition and global rearmament, while supply is constrained by wars in the Middle East and Russia-Ukraine, so there is much more room to run.
DBC HIGH
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 43:05
Bonds remain in long-term bear market
Cudmore says yields are not generous enough to compensate for inflation and fiscal risks, and the underlying bear market in bonds has many more years to run even if tactical rallies occur.
Global developed market bonds HIGH
Will Hobbs Chief Investment Officer, Brooks MacDonald 52:02
Add EM credit, commodities, and alternatives
The 60/40 portfolio has been less good at absorbing inflation shocks, so Hobbs recommends moving strategically toward emerging market credit, diversified commodities and some alternatives to improve portfolio resilience.
EMB Diversified commodities Alternatives MED
Will Hobbs Chief Investment Officer, Brooks MacDonald 55:48
Real yields now attractive versus equities
Real yields around the world are at a much more attractive space relative to equity risk, and he is acting by adding duration because investors are getting paid more for duration risk than in the 2010s.
TLT MED
Will Hobbs Chief Investment Officer, Brooks MacDonald 56:34
Prefer UK equities over stretched US stocks
Hobbs wants to reduce US equity exposure because US valuations, equity risk premium and market concentration are compressed, while maintaining a moderate overweight to UK equities.
SPY MED
Will Hobbs Chief Investment Officer, Brooks MacDonald 56:34
Prefer UK equities over stretched US stocks
Hobbs wants to reduce US equity exposure because US valuations, equity risk premium and market concentration are compressed, while maintaining a moderate overweight to UK equities.
EWU MED
Will Hobbs Chief Investment Officer, Brooks MacDonald 57:17
Financial services are next AI revolution winners
The next phase of the AI/industrial revolution will benefit financial services and other service-sector companies as they adopt process-changing technology, and Hobbs wants to get ahead of that phase.
XLF MED
Andrea Felsted Columnist, Bloomberg Opinion 66:04
Inditex faces margin squeeze and brand risk
Inditex has been defying retail gloom and successfully elevating Zara, but rising oil and energy costs are squeezing margins, and the John Galliano upmarket move adds execution risk.
ITX.MC MED
Stephen Stapczynski Asia Energy Coverage, Bloomberg 68:45
US-Iran escalation supports higher Brent crude
US-Iran escalation is threatening oil flows through the Strait of Hormuz and raising the risk of damage to energy infrastructure, while Chinese crude buying is increasing, supporting elevated or higher Brent prices.
BNO MED
Steve Weiss Chief Investment Officer, Short Hills Capital Partners 87:09
Defense and aerospace offer long-term opportunity
Defense and aerospace offer long-term opportunity because defense spending as a share of GDP is low, the sector has been over-consolidated and hollowed out, weapons stockpiles are depleted, and new technology such as hypersonics, AI, autonomous systems and encryption requires investment.
ITA HIGH
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This Bloomberg Markets video, published September 09, 2026, features Scott Bessent, Marieke Blom, Mark Cudmore, Will Hobbs, Andrea Felsted, Stephen Stapczynski, Steve Weiss discussing FXY, IGOV, DBC, Global developed market bonds, EMB, Diversified commodities, Alternatives, TLT, SPY, EWU, XLF, ITX.MC, BNO, ITA. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Scott Bessent, Marieke Blom, Mark Cudmore, Will Hobbs, Andrea Felsted, Stephen Stapczynski, Steve Weiss  · Tickers: FXY, IGOV, DBC, Global developed market bonds, EMB, Diversified commodities, Alternatives, TLT, SPY, EWU, XLF, ITX.MC, BNO, ITA