Crude Oil Drops on Iran Talks, Pope: Disarm AI, More
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News when you want it with Bloomberg News Now, I'm Erika Herskowitz. Global stocks approached record highs and oil is falling as U.S.
What are the latest developments in crude oil prices related to Iran talks?
officials signal they're close to a deal with Iran to reopen the Strait of Hormuz and restore oil flows. Secretary of State Marco Rubio says it's a work in progress.
We're still a work in progress. As I said, you know, we thought we might have some news last night. Maybe today I wouldn't read too much into it.
How is the U.S. government responding to the potential reopening of the Strait of Hormuz?
It takes a little while to hear back. So we have what I think is a pretty solid thing on the table in terms of their ability to open up the straits, get the straits open, enter into a very real, significant, time-limited negotiation on the nuclear matters.
Rubio talking to reporters in New Delhi this morning as he continues his visit to India to talk trade and energy security. Brent crude's down nearly 5% at $98 a barrel. U.S. markets are closed for Memorial Day today, but stocks are still trading overseas. The FTSE in London closed ahead nearly a quarter of a percent. The CAC in Paris, up nearly 2%. The DAX in Germany, 2% higher. And the Nikkei in Japan led a rally in Asia, closing above 65,000 for the first time. It was up 2.8%. The Hang Seng in Hong Kong added a tenth of a percent. China's CSI 300 gained 1.5%. Closer to home, National Economic Council Director Kevin Hassett says he's confident a further drop in oil prices when the war ends will create space for a Fed cut.
Again, we expect energy prices as soon as there's a deal to plummet. And when that happens, then there'll be a lot of room for the Fed to do the right thing at lower rates.
Kevin Hassett on Fox News. Pope Leo was joined by Anthropic co-founder Christopher Ola today at the Vatican to launch the first encyclical on AI, warning about its dangerous impacts.
artificial intelligence now demands to be disarmed, freed from logics that turn it into an instrument of domination, exclusion, and death.
The pontiff says AI could accelerate the pace of conflicts, which adds to furious debate over how far AI models should be constrained. It also comes as Anthropic unveils Mythos, an AI tool that can identify unknown flaws in IT systems, which has triggered anxiety across the globe over the past months. Indonesia is blocking access to prediction market PolyMarket, labeling it a form of online gambling after a bet on the possible early end of its president's tenure circulated on social media. The Indonesian government says it will not allow any form of online gambling and has intensified a crackdown on online betting since its president took office in October 2024. The Ebola outbreak in Central Africa has now killed more than 200 people and it's spreading quickly with more than a thousand cases now reported in the Congo.
It's raising a lot of questions about the World Cup as teams and fans start making their way to North America from all over the world. A physician in emergency medicine, Dr. Darian Sutton.
Players that are coming from the Democratic Republic of Congo are training in Europe, but right now they're going to still have to be screened and go through the effective measures to prevent the possibility of a spread of this virus.
Dr. Darian Sutton, California Governor Gavin Newsom is asking President Trump to declare a federal emergency over the leaking chemical tank posing a threat in Orange County. Such a declaration would help clear some of the red tape when it comes to disaster response. About 50,000 people have evacuated the Garden Grove area after the 34,000-gallon storage tank started leaking last week. Officials are concerned it could rupture or explode. As the nation observes Memorial Day, President Trump paid a visit to Arlington National Cemetery. He delivered remarks and took part in a wreath-laying ceremony as America honors the men and women who have died while serving the country. And on the hardwood tonight, the Knicks can clinch their first trip to the NBA Finals since 1999 when they tip off against the Cavs in Cleveland.
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