Houthis Attack Red Sea Tankers, Alphabet’s $205B Splurge, More
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What is the main topic discussed in this episode?
The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.
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Iran-backed Houthi militants say they've targeted two oil tankers in the Red Sea. Their claim appears to have been confirmed by the UK's Maritime Trade Operations Centre, which says a tanker reported being struck in the area. Brent crude oil jumped above $96 a barrel as traders reacted to the latest threat to shipping in the region. Honorant is our managing editor for the Middle East and North Africa.
The overnight attack on shipping by Houthis marks the first time they struck an oil tanker after they announced that they would be imposing a blockade on any ship calling for Saudi ports in the Red Sea. That's critical information because After the war on Iran began and after the effective closure of Hormuz, the Red Sea coast is where the Saudis redirected a bulk of their oil exports and they became so reliant on the area that loadings at Yanbu alone exceeded four million barrels a day. That's Bloomberg's honour.
And shortly after reports of the Red Sea attacks, the United States announced a 12th consecutive night of strikes against Iran, saying it was targeting the country's ability to attack commercial shipping. And with the conflict seeming to widen, there's little sign that the US or Iran are ready to return to the negotiating table.
The European Central Bank is expected to leave interest rates unchanged today as policymakers assess the impact of renewed fighting in the Middle East. Economists and traders expect the ECB to keep its rates at 2.25% after raising borrowing costs at their last meeting. The recent jump in oil prices has revived expectations that the central bank may need to tighten policy again later this year. Despite signs that inflation eased more than expected in June, here is the view of José García Cantera, who is the CFO of Santander.
This all depends on the outcome or the developments in the Middle East and how this translates into inflationary pressures or not. So far, this translation is happening, but it's very moderate. And I think we need to wait and see how this develops. Having said that, we expect one more rate increase in September.
What happened in the Red Sea attack on oil tankers and who claimed responsibility?
And from then, I think the ECB will react to data.
Santander's CFO speaking there to Bloomberg. Attention will now turn to ECB President Christine Lagarde's news conference where investors will be listening for any indication that another rate rise in September remains on the table.
The United States and Saudi Arabia have finalised a deal to share nuclear technology, which has alarmed experts in non-proliferation. The agreement allows the US to build reactors in the Middle Eastern Kingdom, paving the way for uranium enrichment on Saudi soil. US Secretary of State Marco Rubio was asked by reporters if that risks spreading the technology around nuclear weapons.
Well, I'm not going to opine directly on that agreement. Even when the moment is appropriate, we'll put out that in writing. We have to do it with Congress anyways, so we'll certainly do it publicly. But suffice it to say, the U.S. is not going to reach any agreement with any country in the world. That leads to the risk of proliferation.
Despite Rubio's words, nuclear watchdogs say the deal would set a precedent for other Middle Eastern countries to insist that they have the right to make nuclear fuel as well.
How did the Red Sea strikes affect global oil prices and shipping routes?
That would bring some of them within weeks of acquiring atomic weapons. The surprise agreement comes as President Donald Trump justifies his war with Iran on the grounds of destroying Iran's nuclear program and preventing the spread of nuclear weapons.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–2:47
2
What happened in the Red Sea attack on oil tankers and who claimed responsibility?
2:47–3:56
3
How did the Red Sea strikes affect global oil prices and shipping routes?
3:56–4:52
4
Why are the Houthis targeting Saudi-linked shipping routes and what is the strategic context?
4:52–8:36
5
How are the US and regional powers responding to escalating attacks on commercial shipping?
8:36–9:31
6
How might renewed Middle East fighting influence the ECB’s interest-rate decision?
9:31–9:44
Speakers
6 identifiedMore from Bloomberg News Now
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