Oil Drops as Hormuz Talks Begin | Horizons Middle East & Africa 7/24/2026
Global markets react as the US and Iran pause military strikes, with Brent crude falling as diplomatic efforts gain momentum. President Trump says all options remain on the table in the Iran war and that the US has more munitions than it needs, while Iran and Oman hold talks over Strait of Hormuz shipping. Houthi attacks continue to threaten Red Sea oil routes, and Gulf nations accelerate efforts to reduce their reliance on Hormuz. Israeli Prime Minister Benjamin Netanyahu vows to attend the UN as New York Mayor Zohran Mamdani says Netanyahu would not be welcome, while Netanyahu is expected to discuss Iran with President Trump.
Markets also focus on renewed inflation risks and growing pressure on the Federal Reserve to raise interest rates. Bank Indonesia Governor Perry Warjiyo resigns early, while the US and global markets assess the economic impact of the Middle East conflict.
In technology, Chinese memory-chip maker CXMT surges after its $9.8 billion IPO, with shares jumping 500% and the company set to become the largest mainland-listed company. CXMT is benefiting from growing demand for memory chips, while Nvidia considers up to $250 billion in backing for an OpenAI data-center hub and plans a $1 billion investment in Naver as it expands its partnership with South Korea’s SK Group. AI is also becoming increasingly central to consulting and business priorities across the Middle East.
We also cover a shooting in Seattle that left two people dead and five injured, a Berlin Pride attack suspect killed by police, wildfires continuing across France and Spain, and European automakers struggling with rising costs and intensifying competition.
Elsewhere, Kuwait has agreed to a $16 billion oil-sector investment involving Blackstone, Brookfield and KKR. Morocco is seeking financing for a major gas pipeline along Africa’s Atlantic coast, including support from the US EXIM Bank and World Bank, while banks are being tapped for $2.6 billion in pipeline financing.
Chapters:
00:00:00 – Introduction
00:04:29 – US and Iran Pause Military Strikes
00:08:20 – Frédéric Schneider, Middle East Council on Global Affairs Nonresident Senior Fellow
00:15:49 – Haig Bathgate, Callanish Capital CEO
00:27:40 – CXMT shares jump after $9.8B IPO
00:30:45 – Jensen Huang, NIVIDA Presednt & CEO
00:32:16 – Tamer Charife, Deloitte Middle East Technology & Transformation Growth Leader
00:39:26 – Morocco Courts Banks for $26 Pipeline Finance
00:43:20 – Europe’s Carmakers Struggle on Costs, Competition
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