Key facts
- The U.S. dollar rose to a two-week high.
- Brent crude topped $108 a barrel after Saudi Arabia closed its East-West pipeline due to drone attacks.
- Global equities fell amid concerns about slowing AI development.
- The Federal Reserve is expected to raise interest rates by 25 basis points on Wednesday.
- Anthropic PBC CEO Dario Amodei and OpenAI CEO Sam Altman called for a slowdown in AI development.
The U.S. dollar reached a two-week high on September 14, 2026, as rising oil prices and concerns over artificial intelligence development weighed on global markets. Equities fell worldwide after leaders of major AI firms proposed slowing the technology's advancement, sparking fears of reduced capital spending. The Nasdaq 100 futures dropped 1.7%, and an ETF tracking chipmakers fell 4.5% in early trading.
Further pressure on risk sentiment came from an advance in crude oil prices. Brent crude jumped 3.5% to over $108 a barrel after Saudi Arabia temporarily closed its East-West pipeline as a precaution following drone attacks. This disruption, coupled with concerns about AI development, created a difficult environment for risk assets.
Market participants are also anticipating a potential Federal Reserve rate hike on Wednesday, with markets pricing in an 85% chance of a 25 basis point increase. This expectation, along with the dollar's role as a safe-haven asset, supported the U.S. currency, which rose 0.4%. The euro fell 0.5% to $1.1537 against the dollar.
Leaders from AI companies, including Anthropic PBC's CEO Dario Amodei and OpenAI's CEO Sam Altman, called for a slowdown in the development of the most advanced AI models, citing safety concerns. However, some analysts, like Mohit Kumar at Jefferies, believe that intense competition, particularly from Chinese rivals, will prevent a significant slowdown. U.S. President Donald Trump downplayed the AI concerns, while China dismissed them as "fearmongering."