Saudi Oil Falls to 9-Year Low as Tanker Attacks Rise | Horizons Middle East & Africa 9/3/2026

Renewed military escalation between the U.S. and Iran continues to drive volatility in global energy markets, with Brent crude prices reacting to ongoing tensions near the Strait of Hormuz. While President Trump characterizes the strikes as short-lived, regional instability persists, complicating oil export logistics for Saudi Arabia and other Gulf nations. Simultaneously, global markets are bracing for potential Bank of Japan intervention as the yen strengthens amid speculation of outsized rate hikes. In the technology sector, the U.S. administration is weighing fresh tariffs on imported semiconductors to incentivize domestic manufacturing, while companies like Broadcom and Snowflake report robust growth driven by AI demand. Meanwhile, Chevron is committing $7 billion to Venezuelan oil production, and Abu Dhabi’s G42 is exploring significant capital raises to advance its AI infrastructure, signaling a broader trend of state-linked firms seeking external financing.