Iran Conflict 'Small Potatoes'; Trump’s Big Venezuela Deal | Bloomberg This Weekend: Sept 5, 2026

Watch on YouTube ↗  |  September 06, 2026 at 02:06  |  3:05:15  |  Bloomberg Markets
Speakers
Will Kubzansky — Bloomberg News Refined Products Reporter
Woo Jin Ho — Analyst, Bloomberg Intelligence (Hardware)
Jennifer Dlouhy — Bloomberg Reporter
Jonathan Golub — Chief US Equity Strategist, UBS
Jovita Neliupšienė — EU Ambassador to the United States
Air Abu Omar — Bloomberg News Middle East Correspondent
Sam Altman — CEO, OpenAI
Lisa Mateo — Reporter, Bloomberg

Summary

Bloomberg This Weekend covered escalation in the Iran conflict and its impact on oil and diesel markets, the Trump administration's Venezuela oil deal and its fallout for US oil companies, envoys pursuing Russia-Ukraine peace talks, Apple's product launch under new CEO John Turnis, and equity/rate implications from strong jobs and earnings data. Market implications centered on elevated energy prices and shipping bottlenecks, supportive equity valuations especially in technology, and expected upward pressure on long-end Treasury yields.

  • Iran conflict and Strait of Hormuz disruptions keep oil and diesel prices elevated.
  • Russian refinery strikes and a Russian diesel export ban tighten distillate markets.
  • OPEC output increases are constrained by shipping and export bottlenecks.
  • The US-Venezuela deal reduces opportunities for incumbent US oil companies like Chevron.
  • The strong jobs report supports Fed hike expectations but is seen as largely priced in.
  • Jonathan Golub argues stock valuations are low and tech is attractive, while long-end Treasury yields likely rise.
  • Apple's foldable iPhone and hardware ecosystem strategy are seen as positive for the company.
  • EU sanctions are stopping the last Russian gas deliveries into Europe by September 30.
Ideas
Will Kubzansky Bloomberg News Refined Products Reporter 12:35
Diesel supply tightness persists.
Diesel is in a distillates crisis because Ukraine has repeatedly struck Russian refineries, Russia has banned diesel exports, and global refining capacity was already structurally tight; tightness is unlikely to stop just as peak demand season starts in the fall.
DIESEL HIGH
Will Kubzansky Bloomberg News Refined Products Reporter 16:59
Conflicts keep crude prices elevated.
The Russia-Ukraine and Iran conflicts are amplifying global energy supply disruptions through attacks on CPC, tankers, and refineries, so crude prices are likely to hold higher than they otherwise would.
WTI HIGH
Woo Jin Ho Analyst, Bloomberg Intelligence (Hardware) 30:00
Apple's foldable and ecosystem outlook is positive.
Apple has increased foldable iPhone supply-chain production to around 10 million units for the initial launch, and new CEO John Turnis is bringing a hardware-focused ecosystem vision across phones, wearables, and home devices that can expand Apple's addressable market.
AAPL MED
Jennifer Dlouhy Bloomberg Reporter 69:08
Venezuela deal hurts Chevron's opportunity.
The Venezuela oil deal with North American Blue Energy Partners was a no-bid contract that reduces leases and fields available to incumbent US companies and creates a supercharged US-government-backed competitor, leaving companies like Chevron with less opportunity.
CVX MED
Jennifer Dlouhy Bloomberg Reporter 76:37
Venezuela deal won't lower gasoline soon.
The Venezuela deal will not deliver cheaper gasoline before the midterm elections because Venezuelan fields and infrastructure are badly damaged and production will ramp only gradually over five years, so pump relief is not imminent.
UGA MED
Jonathan Golub Chief US Equity Strategist, UBS 95:22
Stocks, especially tech, look cheap.
Although the latest 55% earnings growth was inflated by accounting changes, tariff refunds, and timing mismatches, valuations are low, technology valuations are below their long-term average, and non-tech valuations are the expensive part of the market, so equities led by tech are attractive.
XLK SPY HIGH
Jonathan Golub Chief US Equity Strategist, UBS 96:40
Capital competition lifts long-term yields.
The economy is raising an enormous amount of capital for data centers and AI while the government is simultaneously increasing borrowing to fund deficits; this competition for capital is likely to push 10-year Treasury yields meaningfully higher.
10-Year Treasury Yield HIGH
Jovita Neliupšienė EU Ambassador to the United States 134:44
Russian gas halt tightens European gas.
The EU has sanctioned all Russian gas and says the last Russian gas deliveries into Europe will stop on September 30, enforcing a supply cutoff that supports tighter European natural gas markets.
UNG MED
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This Bloomberg Markets video, published September 06, 2026, features Will Kubzansky, Woo Jin Ho, Jennifer Dlouhy, Jonathan Golub, Jovita Neliupšienė discussing DIESEL, WTI, AAPL, CVX, UGA, XLK, SPY, 10-Year Treasury Yield, UNG. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Will Kubzansky, Woo Jin Ho, Jennifer Dlouhy, Jonathan Golub, Jovita Neliupšienė  · Tickers: DIESEL, WTI, AAPL, CVX, UGA, XLK, SPY, 10-Year Treasury Yield, UNG