Ceasefire Talks Ahead, Trump Demands Reopening of Hormuz, More
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What are the latest developments in the U.S.-Iran ceasefire talks?
News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, the U.S. and Iran are headed for high-level talks in Pakistan tomorrow on ending their six-week war with new threats from President Trump. In a series of social media posts, the president warned Iran against charging fees on tankers to go through the Strait of Hormuz, and he said Iran was doing a dishonorable job of allowing oil through the waterway. Bloomberg's Jumana Bersetchi reports both sides are still very far apart ahead of tomorrow's discussions.
The US once again reiterating their principles, which is zero enrichment policy for Iran, limiting their ballistic weapons, a full unconditional reopening of the Strait of Hormuz, and limiting the funding for some of their military proxies in the region.
What threats did President Trump make regarding the Strait of Hormuz?
Iran, on the other side, have been saying that they want a full cessation of hostilities, war reparations, assurances from the U.S. that they won't strike again, in addition to their ability to, number one, maintain these group of proxies around the region, including Hezbollah, which is a key point for them, and a new one, which is they are asserting that they have right of sovereignty over the Strait of Hormuz. And clearly that is a nonstarter, but it's also a condition that did not exist before the war started six weeks ago.
And Bloomberg's Jumana Bersetchi reports despite his latest threats, President Trump still says he's optimistic about reaching a deal with Iran.
But Nathan, what if this weekend's talks end with no deal? Jennifer Welch is chief geo-economics analyst for Bloomberg Economics.
If Iran is seen as still not making good on its promise to reopen the Strait of Hormuz, which Trump said was critical to the ceasefire, He really has two choices. He can either threaten as he has to use military force against them, saying that the ceasefire is now null and void. But I think the bar for that is rather high. This is an unpopular war in the United States. Gas prices are still rather high. He's clearly looking for an exit ramp. So that leads to the second option, which is diplomacy. And I think that's why we are seeing talks happening this weekend.
Jennifer Welch with Bloomberg Economics says Vice President J.D. Vance will lead the U.S. delegation in Islamabad tomorrow, along with envoys Steve Witkoff and Jared Kushner.
And Karen, Israeli Prime Minister Benjamin Netanyahu has agreed to hold talks with Lebanon. This comes as President Trump said the Israeli leader is, in his words, going to low key it with strikes on the war weary country. Still, Netanyahu is vowing to keep fighting Iran backed Hezbollah in Lebanon.
Dear residents of the north, I am proud of you. You continue to stand strong. I want to tell you there is no ceasefire in Lebanon. We will continue to strike Hezbollah with great force.
What are the U.S. and Iran's positions ahead of the talks?
We will not stop until we restore your security.
Benjamin Netanyahu spoke through an interpreter there. The Lebanese health ministry says the death toll from Israel's offensive this week left more than 300 dead.
And a reminder, Nathan, to stay with Bloomberg for the latest developments out of the Middle East. Bloomberg This Weekend with David Gurra, Christina Ruffini, and Lisa Mateo will have live coverage and analysis of the U.S.-Iran talks. Tune in tomorrow and Sunday from 7 a.m. to 10 a.m. Eastern on Bloomberg Radio, TV, and the Bloomberg Business App.
And as we close out this volatile trading week, Karen, oil is on the rise as risks to global energy supplies continue to grow. According to Saudi Arabia's state-run news agency, the kingdom has lost nearly 600,000 barrels a day of production capacity as a result of Iranian attacks. Will Kennedy covers energy markets for Bloomberg.
It's become clear that the war has done meaningful damage to the energy industry in the region. That's an example of how long the conflict will linger and the fact that the economy and the market globally should expect oil prices to remain elevated for some time to come.
Bloomberg's Will Kennedy says markets face a daily shortfall of more than 10 million barrels.
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