Name: US Strikes Iran & Blocks Oil Sales | Daybreak Europe 7/8/2026
Uploaded: 2026-07-08T07:12:06+00:00
Duration: 2824 s

Speakers

Stephen Stapczynski — Asia Energy Coverage, Bloomberg

Camille de Courcel — Head of DM Rates Strategy and Economics, Europe, BNP Paribas

David Savage — Editor, The Block

Summary

US-Iran tensions escalate with fresh US strikes and the revocation of Iran's oil sanction waiver, sending oil higher. Geopolitical risk dominates, with the NATO summit underway and leaders backing forceful US action. Market impacts include rising bond yields in Asia, falling equities led by KOSPI's near-bear-market drop, and a sharp divergence between oil and gas prices as LNG traffic through Hormuz halts. Political stories in Europe see France's Le Pen cleared to run in 2027 while UK's Farage triggers a special election.

US conducts new strikes on Iran after Hormuz shipping attacks and revokes oil sales waiver.
Brent crude jumps above $76, while natural gas prices remain elevated on halted LNG transit.
NATO Secretary-General calls US strikes absolutely necessary; summit focus on Ukraine and defence spending.
Asian bonds sell off and the KOSPI drops 5.8%, nearing a bear market, led by SK Hynix and Samsung.
Marine Le Pen's election ban is shortened, clearing her to run in the 2027 French presidential election.
Nigel Farage resigns as UK MP to seek a new mandate in a special election, with main parties declining to contest.
BNP Paribas strategist argues ECB and Fed will need to continue hiking rates, and French spreads should widen.
Corporate headlines: Microsoft swaps OpenAI models for in-house AI; SK Hynix bond sale oversubscribed.

Ideas

Stephen Stapczynski Asia Energy Coverage, Bloomberg 10:22

LNG supply curtailment drives gas prices higher.

LNG vessel traffic through the Strait of Hormuz has essentially halted after Qatari ships were targeted, cutting supply and tightening the global gas market. This will push European and Asian natural gas prices higher, building on already elevated levels that are 70-80% above pre-war February levels.

Camille de Courcel Head of DM Rates Strategy and Economics, Europe, BNP Paribas 27:17

ECB will keep hiking rates.

ECB rate hikes remain on the table because oil prices can stay higher and there is no return to pre-war levels; product prices have already diverged from crude, feeding second-round inflation effects. The ECB's hawkish tone persists and the appetite to deliver further tightening is still strong.

Camille de Courcel Head of DM Rates Strategy and Economics, Europe, BNP Paribas 30:37

Fed will re-engage with rate hikes.

The latest US jobs report was below expectations but still consistent with a declining unemployment rate, keeping the Fed on track to re-engage with rate hikes. The breakeven pace for payrolls is very low, so even soft prints leave the labour market tight enough to require further tightening.

Camille de Courcel Head of DM Rates Strategy and Economics, Europe, BNP Paribas 31:57

French spreads will widen further.

The French budget season is approaching and there are important downside risks for the deficit. Combined with already-elevated political uncertainty around Le Pen's candidacy, this points to a further widening of French sovereign spreads versus Bunds.

This Bloomberg Markets video, published July 08, 2026, features Stephen Stapczynski, Camille de Courcel discussing UNG, IGOV, TLT, French-German 10Y Spread. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Stephen Stapczynski, Camille de Courcel · Tickers: UNG, IGOV, TLT, French-German 10Y Spread

US Strikes Iran & Blocks Oil Sales | Daybreak Europe 7/8/2026

Summary

Ideas

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