Oil prices breach USD 100 as US-Iran clashes intensify

Good afternoon, friends, and happy almost-weekend. Today we speak with the founder turning date seeds — the part of the date most people throw away — into a coffee alternative that’s found an audience in Spain’s sustainable communities and is making the case for Egyptian desert produce on the international stage. We also have a book that documents the cats behind some of the world’s greatest writers, which sounds frivolous until you realize it’s a stroke of genius.

Up first, the news…

THE BIG STORY ABROAD-

🌐 Plenty is happening across the global newsfront this afternoon, with no shortage of stories competing for attention. However, the US-Iran conflict is back in the spotlight as more retaliatory attacks follow after a month of calm settled over the war.

In the latest wave of attacks, Iran launched ballistic missiles at a US military base in Jordan and claimed attacks on 10 vessels near the Strait of Hormuz, following the US destruction of five Iranian oil tankers. Jordan said its air defenses intercepted 18 of 20 missiles, with the remaining two landing in unpopulated areas and causing no casualties. The Iranian strikes came after US Central Command said it had destroyed five Iranian oil tankers in the Gulf of Oman and near Kharg Island, after Iran’s Revolutionary Guard targeted a US Navy warship with ballistic missiles twice over the past two days.

^^Read more on: CNN, Reuters, and The Guardian.

MEANWHILE- Oil prices have climbed back to almost USD 100 per barrel, hitting their highest levels since July as the latest escalation in the Middle East raises fears of prolonged disruptions to regional supply. Brent crude settled at USD 100.5 per barrel earlier today, while WTI crude rose to around USD 95 per barrel at the time of publication.

^^Read more on: Bloomberg, CNN, BBC, and Reuters.

CLOSER TO HOME- UK Foreign Secretary Ed Miliband says Britain had to act against Israeli settlement expansion in the West Bank before it became “too late” to preserve a two-state solution. Miliband said the prospect of a Palestinian state alongside Israel is “being destroyed by the facts on the ground,” while rejecting claims that UK sanctions on Israel could fuel antisemitism in Britain.

The comments come a day after Miliband told Parliament that the UK would ban imports from Israeli settlements in the occupied West Bank and accused “settler terrorists” of carrying out “ethnic cleansing.” Israel responded within hours with four countermeasures, including plans to close the UK consulate in Jerusalem within 30 days.

^^Read more on: BBC and The Guardian.

The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?

Every session on stage answers one question: “So, what do I actually do about it?”

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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The local arm of fintech unicorn MNT-Halan has taken its first step toward a listing on the EGX. MNT Tech Holding for Financial Investments has filed to list its shares on the exchange’s main market. The application covers issued capital of EGP 160 mn, divided into 1.6 bn shares at a nominal value of EGP 0.10 each;
• Our processed-food exports hit a record USD 6.8 bn in 2025, up 12% y-o-y and now accounting for 14% of the country’s total non-oil exports — and 2026 is running ahead of it. The sector posted its strongest-ever seven-month performance from January to July — up 10.7% y-o-y — with 2Q alone hitting 46% of the seven-month total, as 114 markets recorded growth over the whole period;
• Vodafone Egypt’s business arm is teaming up with Elsewedy Electric and Cassava Technologies to build what they say will be our largest data center. The project will target 20 MW of capacity within its first three years before scaling up to 192 MW. The joint venture expects to draw some USD 200 mn for the facility’s first phase;
• Fitch Ratings expects current account deficit to shrink to 2.7% of GDP in FY 2026/27, down from c. 3.4% in FY 2025/26. Fitch points to a diversified external financing base as evidence that the country’s USD needs are more manageable than the headline deficit number alone suggests.

☀️ TOMORROW’S WEATHER- It’s looking like another hot day in Cairo tomorrow, with the mercury set to peak at 34°C under a hazy sun before dropping to a cool 23°C overnight, according to our favorite weather app.