US-Iran Tanker Attacks Escalate, Sending Oil Higher | The Pulse 9/7/2026

Watch on YouTube ↗ | September 07, 2026 at 09:45 | 48:55 | Bloomberg Markets

Speakers

Onur — Managing Editor for Middle East and North Africa, Bloomberg

Alain Bokobza — Head of Global Asset Allocation, Societe Generale

Evangelos Mytilineos — Chairman, Metlen Energy & Metals

Francine Lacqua — Anchor, Bloomberg

Philip Aldrich — UK Economy Reporter, Bloomberg

John Healey — Chancellor of the Exchequer, U.K.

Paula Diehl — Professor of Politics, Kiel University

Jordan Bardella — President, National Rally

Summary

The Pulse covers US-Iran tanker attacks pushing oil prices higher and the market implications. Alain Bokobza discusses oil and gas volatility, rising bond yields, equity thresholds, and yen dynamics. Political segments cover Germany's AfD election, French budget politics, and the UK growth agenda; Evangelos Mytilineos discusses gallium and European LNG/power tightness.

US and Iran trade their largest tanker attacks, raising Hormuz shipping risks and boosting oil prices.
SocGen's Alain Bokobza sees high oil and gas volatility due to low inventories and favors trading volatility.
Bokobza argues nominal GDP, AI capex, and infrastructure demand drive higher bond yields; a 5.5% 10-year Treasury yield could hit equities.
Bokobza says the yen strengthens fundamentally only when the BOJ accelerates rate hikes.
Germany's AfD wins its best-ever state result in Saxony-Anhalt, pressuring Chancellor Merz.
UK Chancellor John Healey's speech prioritizes fiscal credibility and regional growth/devolution.
Metlen's Evangelos Mytilineos flags tight gallium supply after China's export ban.
Europe faces a very tough winter for LNG and power unless the Gulf or Ukraine situation changes.

Ideas

Onur Managing Editor for Middle East and North Africa, Bloomberg 1:35

Iran escalation boosts energy prices.

Iran's largest-ever tanker escalation and signals of a more assertive approach raise the risk of additional attacks on maritime shipping in the Strait of Hormuz, which would further boost energy prices; the key downside is a diplomatic breakthrough such as a temporary shipping lane.

Alain Bokobza Head of Global Asset Allocation, Societe Generale 3:29

Trade oil and gas volatility higher.

Low global oil and gas inventories and Middle East escalation keep oil and gas prone to large trading ranges; any weekend supply news can trigger significant volatility, so he would trade up oil and gas volatility for a long time.

Alain Bokobza Head of Global Asset Allocation, Societe Generale 4:42

Bond yields in secular rise.

Nominal GDP growth is accelerating on unabated fiscal spending, sticky inflation, real growth, AI capex and broader infrastructure demand for capital; this creates a secular rise in bond yields, with tougher central banks and sticky inflation reinforcing higher yields.

Alain Bokobza Head of Global Asset Allocation, Societe Generale 7:22

Equities vulnerable if Treasury yields hit 5.5%.

S&P 500 earnings forecasts have been upgraded substantially and support equities, but the equity risk premium is much more expensive now; a 10-year Treasury yield of 5.5% is his threshold above which equities start to be tapped because rising yields overwhelm earnings support.

Alain Bokobza Head of Global Asset Allocation, Societe Generale 8:56

Yen rises when BOJ accelerates hikes.

The Bank of Japan is moving too slowly on normalization and would need to raise rates to 2% faster than its end-2027 path or the yen goes to 170; intervention may cause volatility, but the next CFTC position has turned slightly long yen and the real fundamental yen rise comes when the BOJ accelerates rate hikes.

Evangelos Mytilineos Chairman, Metlen Energy & Metals 37:26

Gallium market tight after China controls.

Gallium is a roughly 1,000 ton/year global market with China controlling about 950 tons; after China's 2023 export ban most Chinese material disappeared and prices climbed. Refiners hesitated because China could reopen and flood the market, so secure supply requires a government floor or very competitive cost, keeping the market tight and strategically valued.

Evangelos Mytilineos Chairman, Metlen Energy & Metals 40:08

European energy faces very tough winter.

European LNG and power markets are becoming critical again and resemble late 2022/early 2023; European power prices have already gone through the roof, and unless something gives in the Gulf or Ukraine, Europe faces a very tough winter.

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This Bloomberg Markets video, published September 07, 2026, features Onur, Alain Bokobza, Evangelos Mytilineos discussing BNO, Oil volatility, Natural gas volatility, US10Y, SPY, FXY, GALLIUM, UNG, European power prices. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Onur, Alain Bokobza, Evangelos Mytilineos · Tickers: BNO, Oil volatility, Natural gas volatility, US10Y, SPY, FXY, GALLIUM, UNG, European power prices