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Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
A US naval blockade of the Strait of Hormuz is now in effect, cutting ships off from Iranian ports. The move comes as Washington and Tehran are said to be discussing another round of talks after last weekend's negotiations ended without a deal.
Chapter 2: What is the significance of the US naval blockade of the Strait of Hormuz?
Speaking to Fox News last night, Vice President J.D. Vance, who led the US delegation in the first round, had this message for Iran.
What they have done is engage in this act of economic terrorism against the entire world. They basically threatened any ship that's moving through the Straits of Hormuz. Well, as the president of the United States showed, two can play at that game.
And if the Iranians are going to try to engage in economic terrorism, we're going to abide by a simple principle that no Iranian ships are getting out either. We know that's a big deal to them. We know that applies additional economic leverage. And again, Brett, the president wants the Iranian people to thrive and succeed.
J.D. Vance was speaking as a U.S. sanctioned tanker linked to China makes its way through the Strait of Hormuz, posing a major test of the American blockade. It's not clear whether the ship visited Iranian ports, but the vessel is broadcasting that it has a Chinese owner and crew.
Blocking its passage would raise the stakes for Washington as it decides whether to act against a vessel tied to the world's largest oil importer.
There is a growing chorus of voices warning about the longer-term economic impact from the US-Israeli war. The International Monetary Fund will be downgrading its global growth forecast for this year when it meets later today. But HSBC CEO George L. Hedry tells Bloomberg the fallout from the conflict is already beginning to dent his client's confidence.
The passage daily, 150 ships, has dropped to maybe 5 to 10 ships at best. So that is hugely disruptive. The impact of such will be felt way beyond the Middle East, and that is one worrying factor for us.
The CEO of Europe's largest bank isn't the only one worried. Looking at all prices, Executive Director of the International Energy Agency, Fatih Birol, says the worst is yet to come.
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Chapter 3: How does Vice President J.D. Vance describe Iran's actions?
The scale of the problem is huge, and countries will suffer under this. Some more than the others, but I can tell you, no country, but no country is immune to this problem.
Fatih Birol told reporters he expects prices to rise, warning it could take up to two years to recover production from damaged energy facilities in the Middle East. That's bad news for the likes of Schroeder's CEO Richard Oldfield, who is warning that oil prices above $100 a barrel is the pain point for growth.
We think priced into assets at the moment is the inflationary risk. But the longer this conflict goes on, the more that inflation risk turns into a GDP and growth risk. We don't see the straits opening quickly. And of course, bringing oil and LNG back online will take some time even after it does open. So markets are going to continue to be disrupted.
The boss of the asset management firm says that he is telling his clients not to panic. IMF chief Kristalina Georgieva summed up the ominous noises, saying ahead of her forecast today, quote, buckle up.
Italy's Prime Minister Giorgia Maloney has called President Trump's tirade against the Pope unacceptable, exposing a growing rift between the two leaders. Her response follows a verbal clash between Pope Leo and President Trump after the head of the Catholic Church said that God does not bless conflict and that Christ's disciples are never on the side of those who drop bombs.
That prompted an angry response from the U.S. president, who said the pontiff was weak on crime. Speaking on a flight to Algeria, the pope later vowed to keep criticizing war.
I will continue to speak out against war, looking to promote peace, promoting dialogue and multilateral relationships among the states, to look for just solutions and problems.
The Pope's latest comments came after President Trump removed an image from social media showing himself in robes healing a sick patient, which appeared to depict him as a Christ-like figure. Following criticism from his conservative supporters, Trump later denied the image's religious connotations.
I did post it and I thought it was me as a doctor and had to do with Red Cross as a Red Cross worker there, which we support. And only the fake news could come up with that one. So I just heard about it. And I said, how did they come up with that? It's supposed to be me as a doctor making people better. And I do make people better. I make people a lot better.
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