Iran Seeks to Bar US, Israeli Ships From Hormuz | Horizons Middle East & Africa 8/7/2026

Watch on YouTube ↗  |  August 07, 2026 at 07:27  |  47:03  |  Bloomberg Markets
Speakers
George Cheveley — Portfolio Manager, Ninety One
David Savage — Editor, The Block
Min Min Low — China Correspondent, Bloomberg

Summary

The episode covers heightened Iran tensions over the Strait of Hormuz, driving oil prices higher, alongside investor focus on the upcoming US jobs report and its implications for Fed policy. In commodities, copper hits record highs on AI demand and supply disruptions, while central bank buying supports gold. A Ninety One portfolio manager argues energy equities are undervalued as oil prices need to stay elevated for stockpiling, and gold offers value. China's DeepSeek resumes fundraising, and Saudi Arabia faces a widening budget deficit from war costs.

  • Iran seeks to bar US and Israeli ships from the Strait of Hormuz, boosting oil prices.
  • US payroll report due later today is critical for the Fed rate outlook.
  • Copper trades near record highs on AI demand and a technical supply squeeze.
  • Energy equities are seen as undervalued, pricing in oil $10 below the $75-$80 restocking range.
  • Central bank gold buying hit a Q2 record, reinforcing a $4000 floor and value in gold and gold miners.
  • DeepSeek resumes an $8 billion funding round and raises prices, aiding Chinese AI profitability.
  • Saudi Arabia's budget deficit widens as war-related spending outpaces higher oil revenues.
Ideas
George Cheveley Portfolio Manager, Ninety One 32:34
Copper supported by supply squeeze and demand.
Copper is at record highs driven partly by a technical squeeze from potential US tariffs on refined copper pulling stocks from Shanghai and LME, but strong AI demand, supply disruptions, and DRC banning copper concentrate exports add excitement. Over the long term, fundamentals will win out and keep copper well supported.
COPPER MED
George Cheveley Portfolio Manager, Ninety One 35:47
Energy equities undervalued on restocking-driven oil.
Once geopolitical uncertainty resolves, oil prices need to stay higher than before for stockpiling. Energy equities are pricing in oil around $10/barrel lower than the $75-$80 that will persist for the next four to five years due to restocking needs, making them undervalued.
XLE HIGH
George Cheveley Portfolio Manager, Ninety One 37:24
Gold and gold equities are great value.
Central bank gold buying in Q2 was the largest ever for a Q2, confirming a floor around $4000/oz and giving confidence that gold and gold equities represent great value here.
GLD Gold Equities MED
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815 Money Talk (815머니톡) · Aug 07

This Bloomberg Markets video, published August 07, 2026, features George Cheveley discussing COPPER, XLE, GLD, Gold Equities. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: George Cheveley  · Tickers: COPPER, XLE, GLD, Gold Equities