Oil Prices Rise as Trump Downplays Iran Peace Talks | Horizons Middle East & Africa 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 06:33  |  45:52  |  Bloomberg Markets
Speakers
Rachel Ziemba — Founder, Ziemba Insights
BNP Paribas FX — FX Strategist, BNP Paribas
Larry Culp — CEO, GE Aerospace
Winnie Hsu — Bloomberg Reporter (Asia Markets)

Summary

Oil extends gains above $92, with Brent possibly testing $94 as Middle East tensions escalate and Trump downplays Iran talks. Tech stocks rebound fueled by AI chip news. The yen breaches 163 per dollar, and BNP Paribas expects further weakness above 165. South Korea's KOSPI triggers its eighth straight sidecar amid extreme volatility. GE Aerospace CEO reports strong multiyear jet-engine demand.

  • Oil prices rise above $92/bbl with analysts warning of a potential test of $94 on Strait of Hormuz and Red Sea threats.
  • Technology stocks rally, supported by bullish AI chip updates from NVIDIA, TSMC and Super Micro.
  • South Korean KOSPI index surges nearly 5%, triggering a sidecar circuit breaker for the eighth consecutive session.
  • Japanese yen falls past 163 per dollar for the first time since 1986; Finance Minister warns of possible intervention.
  • BNP Paribas strategist sees USD/JPY rising above 165, citing light positioning and BoJ staying behind the curve.
  • Nigeria holds interest rates at 26.5% due to geopolitical risks, while South Africa is expected to hike this week.
  • GE Aerospace CEO Larry Culp highlights strong multiyear demand across commercial and defense jet engines.
  • Trump threatens 100% tariffs on generic drug imports from 2028, a move that could heavily impact Indian manufacturers.
Ideas
Rachel Ziemba Founder, Ziemba Insights 7:18
Brent crude could test $94 on supply risk.
Escalating Middle East conflict, threats to Strait of Hormuz and Red Sea shipping, limited supply buffer, and refinery capacity disruptions could drive Brent crude higher, potentially testing $94 per barrel. Refined products like diesel and gasoline are already near highs, feeding into broader inflation.
BNO HIGH
BNP Paribas FX FX Strategist, BNP Paribas 12:40
USD/JPY to rise above 165.
USD/JPY will continue rising above 163, targeting above 165. Positioning is relatively light, dollar carry will remain a theme over summer, Bank of Japan remains behind the curve on hikes, and any intervention is likely to be quickly reversed because underlying fundamentals support a weaker yen.
USD/JPY HIGH
Larry Culp CEO, GE Aerospace 42:25
Strong jet demand supports GE multiyear growth.
GE Aerospace is experiencing very strong multiyear demand across aftermarket, new engines, and defense. Supply chain bottlenecks are improving with key deliveries ramping up. The company's open fan architecture will deliver efficiency and maintenance cost benefits, supporting long-term growth.
GE HIGH
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This Bloomberg Markets video, published July 22, 2026, features Rachel Ziemba, BNP Paribas FX, Larry Culp discussing BNO, USD/JPY, GE. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rachel Ziemba, BNP Paribas FX, Larry Culp  · Tickers: BNO, USD/JPY, GE