Oil Jumps After Israel Strikes Iran; AI Rally Cools | Horizons Middle East & Africa 6/8/2026
Speakers
Manpreet Gill
— Reporter, Financial Times
Karen Young
— Senior Research Scholar, Columbia University
Summary
The video covers the market reaction to Israel striking Iran, causing oil prices to jump and Asian tech stocks to slump amid AI selloff fears. OPEC+ agrees to a symbolic quota increase, but actual supply remains constrained. Interviews discuss gold as a diversifier, the resilience of UAE real estate, and the energy market outlook.
- Oil prices surged 3-4% after Israel struck military targets in Iran.
- Asian equities fell sharply, led by South Korea's KOSPI which triggered a trading halt.
- The AI rally unwound with Nasdaq down 4.8% on Friday, raising questions about valuations.
- OPEC+ agreed to another small quota increase for July, but actual output is limited due to Strait of Hormuz disruptions.
- Standard Chartered CIO Manpreet Gill sees gold benefiting from continued central bank buying and portfolio diversification.
- Etihad Airways CEO reported faster-than-expected capacity recovery to 110% of last year's levels by mid-June.
- Columbia's Karen Young noted Russia is a key winner from high oil prices and sanctions waivers.
- UAE property market shows resilience with no major cancellations, according to OMNIYAT founder.
Trade Ideas
Central bank gold buying trend intact
Gold is part of a long-term trend of central banks diversifying away from US Treasuries, with emerging-market central banks continuing to buy despite price rallies. This structural demand, combined with broadening out of the semiconductor rally into non-AI sectors and gold, supports gold as a portfolio diversifier.
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This Bloomberg Markets video, published June 08, 2026, features Manpreet Gill discussing GLD. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Manpreet Gill · Tickers: GLD