Iran Keeps Striking Gulf; Oil Set for Weekly Surge

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Good morning. I'm Karen Moscow and I'm John Tucker. Here
are these stories we're following today.
Well, John, the apparent stabilization in the energy and equity Marcus.
This morning comes as the US and Israel reassure world
leaders and investors they will no longer target energy infrastructure
in Iran. Oil and gas prices have surged this week
following strikes from both sides. As heard right here on
Bloomberg Radio, President Trump said he told Israeli Prime Minister
Benjamin Att and Yahoo to stop attacking Iranian oil and
gas fields.
I told him, don't do that, and he won't do that.
We didn't discuss, you know, we do. We're independent. We
get along great, it's coordinated. But on occasion he'll do
something and if I don't like it, and so we're
not doing that anymore.
And President Trump also told the reporters he is not
putting troops anywhere. If I were, I certainly wouldn't tell you.
It is really Prime Minister Bevinia Benetna, who said his
country would no longer target energy infrastructure after its attack
on an Iranian gas field that sparked retaliatory strikes.
Israel acted alone against the SLOWEA gas compound. Fact number two.
President Trump asked us to hold off on future attacks,
and we're holding out.
Benjaminetna, whose comments came after Israeli officials previously said they
had to inform the US about the attack.
Still John Oil heading for another weekly gain as the
war in the Middle East drags on. The straight up
Horor Moves is on but closed, and analysts warned that
the crisis may deepen. Well Kennedy covers the oil markets
for Bloomberg.
Ivon has throughout this conflict and continues to strike energy infrastructure.
It has from the beginning hit refineries throughout the region,
and we saw enough strike this morning on a Qight refinery.
So there hasn't been a stop to this strikes on
energy infrastructure in the region. But as long as holl
Moves is closed, the energy problems will remain. The main
fundamental driver of energy markets right now is a straight
up Hoar Moos, which is normally responsible for twenty percent
of the world's energy flows, is effectively shut. We're probably
losing about half of that ten million dollars a day roughly.
That's unsustainable and less places go much much much higher, and.
As blimbers will Kennedy and other energy markets, European natural
gas futures surge to almost double their pre war level.
Fuel prices also climbed, with central bankers warning that the
conflict carries the risks of tighter monetary policy.
And care in.
Tensions between the UNS and Japan over the around world
remained evident as President Trump hosted the Prime Minister Sunday
tuki Ichi at the White House. Your President Trump's response
when a reporter has them why the US hadn't inform
Japan and European allies in advance of his striking Iran
One thing.
You don't want to signal too much. You know, when
we go in, we went in very hard, and we
didn't tell anybody about it because we wanted surprise. Who
knows better about surprise than Japan?
Okay?
Why didn't you tell me about Pearl Harbor? Okay?
Japanese Prime Minister's Sonatakichi's slight smile appeared to drop. She
raised her eyebrows. However, President Trump and the Prime Minister
otherwise exchanged warm words during their White House meeting, including
him calling her a popular, powerful, woman well.
John the Director of National Intelligence. Telsey Gabbard acknowledge to
lawmakers at the US and Israel have different goals for
their joint military campaign in Iran, and Bloomberg's Amy Morris
has more from Washington.
Gabard says the Trump administration's goals are centered on degrading
Iran's military, but Israel's aim is to remove Iran's leadership.
We can see through the operations that the Israeli government
has been focused on disabling the Iranian leadership and taking
out several members, obviously beginning with the Ayatola and the
Supreme Leader.
The conflict has led to Iranian retaliation against several Gulf
countries and strained US ties with allies in Europe. Gabbard
says she does not know if Israel supports President Trump's
desire for a deal with Iran. She was on Capitol
Hill for a House Committee hearing on Global threats in Washington.
Amy Moore as Bloomberg Radio.
And in other news this morning. The Justice Department has
sent a subpoena to former FBI and director James call Mey.
This is part of an investigation into whether former law
enforcement and intelligence officials waged a conspiracy against President Trump.
The subpoena seeks information about Comby's role in putting together
an intelligence assessment about rudj's interference in the twenty sixteen
presidential election.
John, let's turn to the Marcus, where stocks are on
track for a third straight week of losses and it
could be another volatile session as we close out the
trading week. It is triple Witching day on Wall Street.
Bloomberg's Tom Busby has more on what to look for.
Wall Street bracing for what could it be an unusually
volatile day because of a large number of stock index
and ETF options expiring today roughly five point seven trillion
dollars worth now this triple which in comes at a
troubling time for the markets, with the war and Iran
about to enter its fourth week, oil prices at multi
year highs, and a lot of traders now lowering their
bets for any interest rate cuts from the Fed this
year in order to keep an expected jump in inflation
somewhat in check. Tom Busby, Bloomberg Radio.
Thanks Tom, and in company who shares Fedax. They're up
more than ten percent in early trading, but raising their
full year profit forecast. FedEx says it does not expect
the war in the Middle East to have a direct
material impact on its business.
Well in the US says charged a super Microcomputer co
founder with sending AI technology to Asia. John Prosecutor's charge
Yi Shwan wally Leau in a scheme to send US
assembled servers containing in videos cutting edge chips to China
and violation of UX export controls. The indictment marks the
big is chip smuggling case prosecutors have pursued since first
restricting in video shipments to China. On twenty twenty two,
shares of super microw aer down twenty two percent in
early trading.
And Open Ai developing a desktop application to bring together
its popular chat GPT, chat pot coding tool and web browser.
That's an effort to keep users engaged in the face
of fierce competition for rivals like Anthropic. It's unclear when
the application.
Is going to launch, and we have a programming note.
John markets make Clowse on Fridays, but the world does not.
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The lines are steady, they moving because TSA work is
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So the lines are moving and passengers are getting to
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Meanwhile, the Senate has unanimously passed a bill that ends
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Maybe, just maybe, if Congress has to live under the
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Work done, Republican Senator John Cornyn. The bill now goes
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We are nearing the end of the third week of
the war with Iran. Israel Is saying it will no
longer target energy infrastructure after an attack on an Iranian
gas field spark retaliatory strikes against energy assets across the
Middle East, and that caused oil and gas prices to surge,
and it prompted a rebuke from President Trump. We want
to get the very latest at Bloomberg's Dumana Bversecchi in
Dubai Jumana, Good morning. What we did hear that Israel
in the US may be refraining from attacks on energy
infrastructure going forward, but it really doesn't mean Iran is
what's the latest on the fighting.
Yeah, that's right, And to your point, I think there
was an attempt to at least de escalate one part
of the war yesterday, which is specifically the Israeli attacks
on those gas fields in Iran, which was deemed to
be a red line, and President Cheoump visibly trying to
put a distance between himself and the military action that
Israel conducted, and actually was interesting to hear from Israeli
Prime Minister last night and he said that they did
act solo and upon the US's request, they are not
going to be targeting energy infrastructure anymore. Now that's not
to say that strikes on infrastructure is still not taking
place as we understand. There was a heavy wave of
air strikes over central Tehran overnight as well, but in retaliation,
I mean, Iran keep going and they keep lashing out
at Gulf allies. Overnight, more rounds of attempted attacks on
some key refineries in the region, another refinery in Kuwait
this morning announcing that it is halting production. This is
the second day in a road that it's been targeted.
They've also launched projectiles towards Saudi Arabia once again towards
their eastern oil fields, the northern part of Saudi Arabia.
Even yesterday an attempt on that Yanbu port on the
Red Seas, so not even on the Persian Gulf. So
the strikes on energy continue. But I think one thing
that has become apparent from the US and is really
perspective is the strikes on the Iran gas field are
I mean the plan it's for that not to be
repeated again out of the fear of how Iran could
respond specifically on some of those Gulf allies energy infrastructure.
And as you discussed all the finding that's still going on.
We did hear Benjaminett. Yeaho's sounding more optimistic that the
war could be over soon, but it really doesn't sound
like there's any sign of that.
No, absolutely not. And to what I was saying yesterday,
the military operations have continued overnight. A massive wave of
air strikes is what the ADF IDF have been describing,
and I think you know from their perspective, it's still
very clear that the key military objectives has still not
been achieved, even though so far they're happy with the
progress that has been made, and we're perhaps getting a
little bit more color on what those military objectives actually
are in terms of degrading Iran's military capabilities, degrading their
nuclear capabilities, the radication of their naval force, or complete
demolition of their naval forces is the term that US
President Trump has used. But then, interesting enough, overnight we
had some comments as well from Telsey Gobbert, the US
National Security Chief, and she was saying that there is
a bit of a divergence between the US's objectives and
Israel's objectives in that Israel perhaps have one step further,
which is that maybe one of their explicit objectives is
to see a change in leadership rights For the US.
It's mainly focused on the degradation of military power.
And as the fighting spreads as well, are we also
getting closer where we could see other nations coming in,
And if other nations come in, could that mean more
objectives come in as well and possibly change what we're
looking at here.
I think you have to think of that through the
framework of one what the US administration is trying to
do to reopen the strait, because as long as the
Strait of Homers remains closed, you're going to continue to
see this upward pressure on oil prices, on energy prices,
on gas prices, as we've been talking about the last
couple of weeks, and so far, countries around the world
have been very noncommittal in terms of willing to sign
up to those maritime missions because they don't want to
get involved in the war. But then the other way
to think about it as well is yesterday's actions and
the strike on Katar on Restafan facility was so significant
that we are seeing a shift and tone out of
some of these Gulf nations. And I will say that
it was really interesting to hear from the Saudi Foreign
Affairs Minister the night of those attats. He said that
Saudi Arabia's patients is not unlimited and they reserve the
rights to respond either politically or non politically.
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