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

Saudi oil exports fall to their lowest level in nine years as tankers come under attack in the Red Sea, with Saudi exports dropping to around 3 million barrels a day in August. Oil prices steady after their recent rally as Trump says strikes on Iran could be short-lived and warns the US is prepared to attack at any time. The US also escorted 18 million barrels of oil through the Strait of Hormuz on Tuesday, while traders watch the yen for possible intervention during the holiday period. Hegseth extends Middle East troop deployments into 2027. On the technology front, the US weighs fresh tariffs on imported chips and electronics, with Lutnick saying the measures aim to boost domestic chip production. Taiwan is expected to announce more investment in US semiconductor manufacturing next week, with TSMC and Micron among companies investing in the US. Meta releases a more powerful AI model, Nvidia CEO calls on G20 nations to accelerate AI adoption, HPE raises its sales forecast on AI demand, and AI coding tools lift Snowflake’s outlook. Uber plans to cut 10% of its workforce, while AI firm G42 weighs raising billions of dollars from investors including Microsoft, Silver Lake and Mubadala. In Gaza, Hamas warns the ceasefire is in doubt following an Israeli raid and the capture of a Hamas security chief. Netanyahu says the captured figure was seeking to restore Hamas rule in Gaza, while the US and Israel insist Hamas must disarm before the Gaza plan can move forward. Hamas, meanwhile, says Israeli forces must leave Gaza before it will disarm. In Venezuela, the US backs energy deals aimed at increasing oil production, with Wright saying China will have no claims over Venezuela’s oil revenue. Chevron plans to invest $7 billion to double output, while Wirth sees Venezuela’s production reaching 600,000 barrels a day by 2031. And in Africa, Continental Reinsurance plans Botswana’s first IPO since 2017. The company operates across more than 50 African countries. Guests includes Maurice Gravier, Emirates NBD Group CIO Wealth Management. Chapters: 00:00:00 - Introduction 00:04:56 - Trump Says Iran Strikes to be Short-Lived 00:10:16 - US Weighs Fresh Tariffs on Imported Chips 00:13:40 - Maurice Gravier, Emirates NBD Group CIO Wealth Management 00:28:29 - Saudi Oil Exports Fall to Lowest Levels in Nine Years 00:31:54 - AI Firm G42 Weighs Raising Billions of Dollars 00:35:13 - Mike Wirth, Chevron CEO 00:38:13 - Hamas Warns Ceasefire in Doubt After Israel Raid 00:42:22 - Continental Reinsurance Plans Botswana’s First IPO Since 2017 -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts