Trump Sets New Iran Ultimatum; Saudis Raise Asia Oil to Record Premium

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm Nathan Hager and I'm Alexis Christophers.
Here are the stories we're following today.
Alexis, we begin with the latest developments in the war
with Iran. President Trump has extended his deadline until tomorrow
night for Tehran to reopen the strait of horror moves.
This came in a profanity laced social media post where
the President threatened to blow up Iran's power plants and
bridges before announcing what appears to be a Tuesday eight
pm deadline. And all this comes after a harrowing mission
over the weekend where hundreds of US special forces rescued
an airman shot down over a mountainous area of Iran.
We get more from Bloomberg White House correspondent Jeff Mason.
There is an ultimatum, and that's sort of the operative
question here is does he just kind of focus on
this success and used that as a catalyst to continue
with the two to three week deadline that he had
focused on for concluding the war, or does he follow
through on the escalatory language that he also employed last
week in that's primetime speech on Wednesday night And reiterated
in the Truth Social post about the deadline and the
power plants.
Bloomberg's Jeff Mason appeared on Bloomberg This Weekend, heard Saturdays
and Sundays on Bloomberg Radio. This morning, Axios is reporting
the mediators from Pakistan, Egypt, and Turkey are pushing a
forty five day ceasefire to head off President Trump's threats.
The Associated Press reports Iran and the US have received
a draft proposal. Meantime, the latest wave of US Israeli
strikes on Iran has killed more than twenty five people.
Israel's Defense minister says one of them was the head
of the Islamic Revolutionary Guard Corps intelligence unit. President Trump
says he will hold a news conference from the White
House this afternoon at one pm Wall Street Time. We'll
bring it to you live on Bloomberg Radio, Bloomberg Television,
and the Bloomberg Business app Nathan.
Japanese Prime Minister Saney Takaichi says she is looking to
hold talks with Iran's leader and possibly also a separate
call with President Trump as the clock ticks on the
President's latest threat to bomb Iran's infrastructure. Takeiichi made the
comments during a parliamentary session today. Japan has a key
interest in maintaining a working relationship with Iran, which controls
passage through the Strait of Hormuz, a choke point through
which Japan secures over ninety percent of its oil well.
Right now, like Sis, crude oil is falling. Brent it
is down one and a half percent, trading above one
hundred and seven dollars a barrel. West Texas Intermediate It's
down two percent at one hundred and nine dollars. Brent
is up about fifty percent since the start of the war.
In another note, Saudi Arabia is raising the price of
its main oil grade to Asia to a record as
the near closure of Hormus curbs flows.
OPEC plus is warning the damage to Middle East energy
assets will have a prolonged impact on oil supply even
after the Iran war ends. The group approved a symbolic
increase in output quotas for next month, with key producers
agreeing to increase targets for May by about two hundred
and six thousand barrels.
A day, and equity futures are rising this morning. Alexis
right now as in P futures are up four tenths
percent down. Futures are two tents of a percent higher.
Nasdaq futures leading the way, up seven tenths of one percent.
The S and P five hundred, though, is down four
point three percent since the war began in Several markets
in Europe and Asia are still closed for the Easter
holiday and.
A sudden increase in gas prices is that to be
on full display and key inflation data due out this week.
Let's get the latest with Bloomberg's John Tucker and Alexis.
The Iran war pushed up gasoline prices at the pump
by at least a dollar a gallon. As a result,
economists are forecasting a one percent increase in the consumer
price Index for March. That'll be the sharpest one month
advanced since twenty twenty two. These cpis do on Friday.
Oil prices haven't rocked by five weeks of war, climbing
to almost one hundred twenty dollars a barrel last month
as key Middle East energy assets came under attack and
I Ran effectively closed the Strait of Hord moves. Now
all this is created with the International Energy Agency called
the biggest supplied disruption in the history of the market
and new inflation risk stemming from war the Middle East
means the Fed may struggle the lower interest rates this year.
You know, york Im John Tucker, Bloomberg Radio.
Okay, John, thanks, let's get an update now on the
other major war overseas. Satellite images from NASA show Russia's
key Black Sea oil terminal caught fire following an overnight
drone attack. Ukraine is aiming to reduce the Kremlin's ability
to export oil and re windfall profits from the global
crude price spike driven by the war in the Middle East.
Relentless drone strikes on oil ports reduced Russia's seaborne exports
in March to the lowest in two months, according to
Bloomberg calculations.
Meanwhile, Ukrainian President Volodimir Zelenski is concerned that a prolonged
Middle East war could erode America's support for Ukraine as
Washington's global priorities shift. He says Ukraine urgently needs more
patriot air defense systems from the US as Kiev tries
to fend off, for lentles US Russian aerial attacks. Speaking
over the weekend, Zelenski says he is ready for peace talks.
We are ready to come.
I always said that we are ready for the meeting
on the level of leaders in any kind of fullmonth.
Zelenski also claims Russia benefits economically from the Middle East
War and is sharing intelligence with Iran.
Hi above Earth Alexis, the Artemis astronauts are expected to
complete a record breaking lounar fly by today. Read Wiseman
is commander of Artemis two. He live streamed from the
shuttle yesterday.
We were looking out the docking hatch, which is off
the camera to the top side, and we were just
starting to see the Moon and it just looked up different,
and we were we were catching glimpses of the far side,
the side that you can never see from Earth, of Grimaudy,
of Oriental. We were just starting to see around Grimaudy
into that far And as for humans who have looked
at the Moon our entire lives, it just looked different
out the window, and that is wild. It just really
put our place in the universe perspective.
Artemis two commander Read Wiseman, speaking aboard the Orion crew
capsule as the vehicle circles the far side of the Moon.
Communication back to Earth is expected to be blocked for
about forty minutes. This evening, the crew is expected to
have reached the mission's maximum distance from Earth two hundred
and fifty two thousand, seven hundred and sixty miles. That
will surpass the farthest distance traveled from Earth by humans,
which was set by the Apollo thirteen mission.
Five oweight on Wall Street Time Now for a look
at some of the other stories making news in New
York and around the world. For that, we're John by
Bloomberg's Michael bar Good morning, Michael.
Good morning. Alexis. Pope Leo celebrated his first Easter Mass
as pontiff, urging peace through dialogue and calling for an
end to conflicts worldwide. Speaking before a crowd of about
fifty thousand from Saint Peter's Basilica, Leo, the first US
born Pope, emphasized Easter's message of hope and transformation. Happy sir,
May you bring the joy of Jesus has risen and
present in our midst to all you meet. Pope Leo
is set to begin a ten day trip through parts
of Africa, where he's expected to visit four countries. A
challenge of faith in her darkest moments. That's how Savannah
Guthrie described the last few weeks as the search for
her eighty four year old missing mother, Nancy continues. The
Today Show host spoke before the Congregant of Good Shepherd,
New York during their digital Easter gathering Sunday.
These moments of deep disappointment with God, the feeling of
utter abandonment for most of us, there will come a
time in our life when these feelings hold sway.
Nancy Guthrie was reported missing from her Arizona home on
February first. California is among those challenging the federal government
on President Trump's executive order to limit mail in voting.
Daniel Farber, a professor at u C.
Berkeley Law School, framers of the Constitution clearly saw elections
as a state function, and they've really only allowed these
very limited.
Exceptions, Professor Farber says. The president's executive order tasks the
DHS with creating a list of citizens who are eligible
to vote, and then it passes the list over to
state election officials to enforce it. President Trump and doors
Steve Hilton, a Republican and former Fox News host, to
be the next governor of California from a wide field
of candidates competing to replace Democrat Gavin Newsom. Global news
twenty four hours a day and whenever you want it
with Bloomberg News Now. I'm Michael Barr, and this is
Bloomberg ELECXIS.
Thanks Michael, time now for our Bloomberg Sports update, and
for that we bring in John stash Hour.
A blowout in the NCAA Women's Basketball Tournament championship game
in Phoenix, UCLA all over South Carolina, nine to fifty one.
The Bruins finish the season going thirty seven to one.
The men have their championship game tonight in Indianapolis. Yukon
has won six title games since nineteen ninety nine. Michigan,
in their history, has only won one. With only four
games left in the NHL regular season, the slumpy New
York Islanders fired their coach Patrick Wahm. That's your Bloomberg
Sports Update.
Stay with us more from Bloomberg Daybreak coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business Oppum. This is Bloomberg Daybreak.
Good Morning on Nathan Hager.
Tuesday eight pm appears to be the latest deadline from
President Donald Trump for Iron to reopen the strait of
horror moves, even as mediators pushed for a ceasefire to
head off the president's threats. Republican Mike Turner sits on
the House Armed Services Committee.
The streets are going to be open, and it's it
certainly is important to occur. But you can't say, well,
as long as the straits are open, we don't we
can let them continue to be a power that marches
toward being in nuclear power.
Republican Congressman Mike Turner appeared on ABC's This Week Heard
Sundays on Bloomberg Radio. Joining US this Morning from Jerusalem
is Bloomberg News reporter Dan Williams. Dan, what do we
know about mediation efforts and what to make of the
president's latest threats?
Good morning, Good morning. Not much except that there are
reports that there is a final push, a forty eight
hour push to get some sort of ceasefire in place.
No confirmation of that, certainly, not from the Iranian side.
From the US side, we've had bluster, we've had off
delayed deadlines, which suggests either that President Trump is confident
that he's close to achieving some sort of deal, it
just needs a bit more time, or that he's buying time,
playing for time, and one shouldn't rule out the possibility.
We've seen this in previous weekends, arguably that this is
yet another effort to calm energy markets ahead of their
reopening after the Easter holiday weekend. So it's very hard
to know. In terms of where I am Israel, which
is the full partner in least militarily in this war.
There is no confidence that a ceasefires in the offering.
Perhaps that's wishful thinking. It appears these Raelies would like
to have more time to press this campaign. They say
every day brings achievements militarily against their archfur Iran, including
overnight the killing of the intelligence chief of the IRGC.
They are aware, however, that Trump calls the shots. In
fact he's really Prime Ministers said as much a couple
of weeks ago. He described Trump as the leader in
this war and Israel as the US ally in this war.
I e.
The junior partner. So for now, I think everyone is
waiting to see what becomes of this deadline. If it'll
be met, if it won't be met, and what follows,
or if it will be extended yet again.
Now the President has gone back and forth, has any
about whether it reopening the straight up hormus is even
a priority for the US in terms of overall goals
in the war. What could these latest threats mean when
it comes to potential duration?
Dan, Well, if we take the president and as would
he's basically talking about laying waste to Iran, that would
open up an entire new set of targets. It would
open up an entire new set of questions over the
legality of this war, given that many of those targets
would by definition be civilian targets. It would also open
up questions about the downstream effects of this war, given
that both Trump and antony Al set at the outset
aspirationally that while the immediate objectives of this war were
military degrading Iran's ability to project strength, to project threats
in the nuclear realm, the ballistic missile realm, their downstream
aspirational goal was to see the Iranian opposition, the Ranian people,
take the reins in Iran and topple this regime. Hard
to see how unleashing massive force against assets. The wider
population needs energy, desalination, water and the like. Electricity won't
risk alienating the very population that the Allies say they're
trying to help.
Just thirty seconds left, we've heard Israel say Iran still
has a thousand missiles threatening in What does that say
about claims that the US has nearly achieved its objectives?
Again, that raises a big question about the duration here.
A simple back of the envelope calculation given to the
Iranians have now been firing, in fact already four times
this morning, by my account, missiles at a rate of
about ten to fifteen a day, they could potentially last
for months without arsenal. So, basically, but agagain, no one
was offering here absolute success. What both the allies were
offering was a dramatic degradation of Iran's capabilities in the
hope that it would bring back an organic internal toppling
of the regime, rather than just a functional attack on
the arms of the regime, the military arms of the regime.
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