Chip Selloff Deepens as Oil Climbs | Horizons Middle East & Africa 7/17/2026

Published 17 July 2026 · finance

Global markets came under renewed pressure as a deepening selloff in semiconductor stocks weighed on Asian equities, while escalating conflict between the US and Iran

Global markets came under renewed pressure as a deepening selloff in semiconductor stocks weighed on Asian equities, while escalating conflict between the US and Iran pushed oil prices toward a weekly gain. Investors continued to reduce exposure to AI-related chipmakers amid growing concerns over future spending, with TSMC falling despite strong guidance and technology shares extending losses across the region. In the Middle East, the US launched another round of strikes on Iran as shipping through the Strait of Hormuz slowed further. Iranian forces reportedly targeted US military bases in Kuwait and Jordan, while Kuwait said it intercepted 32 Iranian drones. US officials also said naval forces redirected three vessels attempting to evade the Hormuz blockade, adding to concerns over global energy supplies.

Qatar also reported intercepting missiles targeting the country. Elsewhere, South Korea suspended new listings of single-stock leveraged ETFs, SpaceX postponed another Starship test launch, and Google delayed the release of its Gemini 3.5 Pro AI model. Chevron is preparing to sign a major oil agreement with Iraq, while Chinese President Xi Jinping seeks to expand China's influence in artificial intelligence as Chinese AI models raise security concerns. President Trump accused China of election interference and claimed Chinese entities obtained US voter data. We also cover South Africa's $46 billion industrial hub strategy, Mozambique's efforts to negotiate a debt agreement with China, the UK's plans for new oil and gas drilling. Guest includes Janet Mui, RBC Brewin Dolphin Market Analysis Head; and Mehran Kamrava, Georgetown University Qatar Government Professor.

Horizons Middle East & Africa is your daily spotlight on one of the world's fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg. Chapters 00:00:00 - Introduction 00:05:19 - New US Strikes as Hormuz Traffic Slumps 00:08:52 - Asia Stock Drops start to Look Like Panic Selling 00:12:50 - Janet Mui, RBC Brewin Dolphin Market Analysis Head 00:27:37 - Mehran Kamrava, Georgetown University Qatar Government Professor 00:36:39 - Trump Stokes Doubts on US Election Security 00:42:02 - UK’s Burnham Plans New Drilling for Oil and Gas More on Bloomberg Television and Markets Like this video?