US Bombs Iran for Ninth Day, Burnham Takes Power in UK | The Opening Trade 7/20/2026

Watch on YouTube ↗  |  July 20, 2026 at 11:31  |  1:36:29  |  Bloomberg Markets
Speakers
Samantha Dart — Head of Digital Assets, Bitwise
Paul Jackson — Head of Crypto, Blockworks
Anthony Stevens — Bloomberg Market Producer
Neil Sorahan — CFO
Guy Johnson — Anchor, Bloomberg
Simon French — Chief Economist, Panmure Liberum
Skyler Montgomery Koning — Macro Strategist

Summary

Oil prices surged above $90 a barrel on escalating US-Iran conflict disrupting Hormuz traffic, spurring inflation concerns. Andy Burnham is set to become UK PM amid fiscal and economic challenges. The AI sector faces headwinds from efficient Chinese models like Moonshot, challenging the picks-and-shovels trade. Goldman's Samantha Dart sees further upside in oil and gas, while Invesco's Paul Jackson is overweight Chinese equities. Ryanair profits hit by fuel costs, and the Farnborough Airshow focuses on defense spending needs.

  • Brent crude back over $90 as US bombs Iran for ninth day, Strait of Hormuz traffic drops sharply.
  • European gas prices also rise on winter storage concerns and Asian LNG competition.
  • Andy Burnham becomes UK PM, inheriting fiscal squeeze and unclear policy direction.
  • Moonshot AI's efficient model challenges global AI CapEx assumptions, hitting Asian chip stocks.
  • Ryanair reports lower profits on higher oil, warns of industry capacity cuts.
  • Farnborough Airshow spotlights Europe's defense rearmament needs and Boeing/Airbus dynamics.
  • Samantha Dart (Goldman) says tightening oil supply can push prices higher; bullish European gas.
  • Paul Jackson (Invesco) says Chinese stocks are cheap and tech-rich, maintaining overweight.
Ideas
Samantha Dart Head of Digital Assets, Bitwise 30:56
Tightening supply lifts oil prices.
Visible exports from the Persian Gulf have dropped below 50% of normal as the Strait of Hormuz remains effectively closed. The direction of travel is one of tightening supply, and oil prices can continue to increase while the disruption lasts.
BNO HIGH
Samantha Dart Head of Digital Assets, Bitwise 34:46
Low storage and competition boost gas.
European natural gas storage is unlikely to reach over 70% this year, with risk of going lower. Summer demand from Asia is competing for LNG cargoes, and with winter approaching, Europe and Asia must compete to build storage, driving prices higher to curb demand.
UNG HIGH
Paul Jackson Head of Crypto, Blockworks 59:03
Chinese stocks cheap with tech upside.
The Chinese market is one of the few large markets that is good value, with cyclically adjusted PE well below historical norms and far below US and Europe. China also has interesting technology developments in AI, robotics, solar, and EVs, and is moving up the value chain. He has been overweight Chinese stocks for years and remains overweight.
FXI HIGH
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This Bloomberg Markets video, published July 20, 2026, features Samantha Dart, Paul Jackson discussing BNO, UNG, FXI. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Samantha Dart, Paul Jackson  · Tickers: BNO, UNG, FXI