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US and Saudi Arabia Strike Iran-Backed Sites as Oil Jumps | Horizons Middle East & Africa 7/29/2026
Global markets face renewed pressure as Iran tensions escalate, oil prices jump and a deepening semiconductor selloff drags Asian stocks lower. The US and Saudi Arabia carried out strikes against Iran-backed weapons sites in Iraq, with Riyadh saying the attacks were conducted in self-defense. The US also said it intercepted a surprise Iranian missile attack.
In markets, SK Hynix shares fell 11% after disappointing earnings and a $31 billion capital spending plan, deepening a global chip rout and pushing the KOSPI toward its worst month on record. The Nasdaq 100 is nearing correction territory, while traders rush into Fed futures as expectations for a possible rate hike add to market anxiety.
President Trump met Israeli Prime Minister Benjamin Netanyahu at the White House, with Netanyahu saying they shared an understanding that Iran cannot have nuclear weapons. Ukrainian President Volodymyr Zelenskyy also described his talks with Trump on Patriot air defenses as positive.
We also cover Standard Chartered and UBS earnings, UBS's additional $3 billion share buyback plan, concerns over an OpenAI agent allegedly compromising another technology company, and a petition by 1,000 AI workers warning the US government about the pace of AI development.
Elsewhere, Zambia's kwacha nears parity with the South African rand, Rio Tinto's CEO in an exclusive interview, discusses resilient Chinese demand and the role of critical minerals in data centers, a Saudi prince takes a 5% stake in Lucid, and Dubai's financial hub surpasses 10,000 firms despite regional war risks. Guest includes Jeffrey Sexton, Demeter Tactical Investment CEO; Julia Roknifard, Taylor's University Malaysia Senior Lecturer; and Simon Trott, RIO Tinto CEO.
Chapters:
00:00:00 - Introduction
00:04:36 - Iran Risks Return
00:07:20 - Netanyahu Meets Trump at White House
00:13:00 - SK HYNIX Profit Disappoints, Earmarks $31b Capex
00:15:30 - Jeffrey Sexton, Demeter Tactical Investment CEO
00:29:24 - Julia Roknifard, Taylor's University Malaysia Senior Lecturer
00:35:15 - Zambia's Kwacha nears parity with Rand
00:38:38 - Major Tech Companies Set to Report Earnings this Week
00:42:12 - Simon Trott, RIO Tinto CEO
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Published Jul 29, 2026
