Counting Down to Hormuz Blockade, Goldman Record, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Karen Moscow and we have some breaking earnings news crossing the Bloomberg Goldman Sachs reporting and we'll have the details in just a moment. But first, President Trump says the U.S. will begin a full naval blockade of the Strait of Hormuz this morning at 10 a.m. Wall Street time. That's after talks aimed at ending the six-week war with Iran failed to reach a deal over the weekend.
I think Iran is in very bad shape. I think they're very desperate. We had a meeting that lasted 21 hours. We understand the situation better than anybody. And Iran's in very bad shape.
President Trump spoke to reporters on his way back to Washington from Miami. Bloomberg's Jumana Bersetchi reports a lot of questions remain about the blockade. What does it actually mean?
Because you have many friendlies, quote unquote, countries to Iran, the likes of China, for example, that have been using that route. With the permission of the Iranians, will the U.S. effectively stop or try to stop some of those tankers from passing through? And if so, what will be the response out of some of those key countries?
Bloomberg's Yamada Bersetchi reports Iran's Revolutionary Guard Corps has warned any military vessel attempting to approach the strait would be violating the ceasefire. The latest developments are drawing a sharp reaction in Washington. Democratic Senator Mark Warner says he's doubtful about the blockade.
The Iranians have hundreds of speedboats where they can still mine the strait or put bombs against tankers. In closing the strait, how is that going to ever bring down gas prices?
And Senator Warner appeared on CBS's Face the Nation. But former White House National Security Advisor John Bolton says the blockade will weaken Iran's regime. He was a guest on Bloomberg this weekend.
If no Gulf Arab oil gets out, no Iranian oil gets out. Let's see how they feel about that in Tehran.
And you can hear Bloomberg this weekend and Face the Nation every Sunday on Bloomberg Radio. President Trump also going after Pope Leo XIV after the American-born pontiff put out a series of social media posts against the Iran war.
He's a very liberal person and he's a man that doesn't believe in stopping crime. He's a man that doesn't think that we should be... toying with a country that wants a nuclear weapon so they can blow up the world.
And the president also attacked the pope with his own social media posts, including one that appeared to show him dressed like Jesus healing a sick person. On the papal plane this morning, Leo said his appeals for peace are rooted in the gospel and he's not afraid of the Trump administration. We are seeing very big moves in the energy markets this morning following the latest war developments right now. Brent is at $102 a barrel. That's up more than 7%. And NYMEX crude oil is up 7.5%. It's at $103.85. And Rita Sen is founder of Energy Aspects.
This is fundamentally the issue, right? Yes, the US is the biggest producer in the world, and we are not expecting shortages outside of maybe the West Coast.
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