Europe Gas Warning, OpenAI Model Goes Rogue, More
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.
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News when you want it with Bloomberg News Now. I'm Lizzie Burden.
And I'm Stephen Carroll.
The widening conflict between the United States and Iran is leaving America's Gulf Arab allies increasingly anxious about the threat to their security and economies. Sources tell us that officials across the region are now divided over how President Donald Trump should proceed. Some are urging tougher military action, while others are calling for an immediate return to diplomacy. The split comes as Trump played down the prospect of talks with Iran.
They want to meet desperately to try and end it because they're getting decimated. I will tell you, they want to desperately meet. And until they're ready to meet in a meaningful way, we have no interest.
Now, despite Trump's comments, mediators are continuing efforts to restart negotiations as Houthi militants in Yemen threaten shipping in the Red Sea, helping lift Brent crude oil prices for a fourth straight day. In Washington, U.S. Defense Secretary Pete Hegseth revealed to lawmakers that the war has now cost the U.S. more than $37 billion.
The latest escalation in the Middle East rattles energy markets once again. Equinor's chief financial officer has warned Europe faces an uncertain winter for natural gas supplies. Torgrim Wrighton told Bloomberg the market remains highly unpredictable as the conflict raises fresh concerns over energy security.
You know, when it comes to the European gas market, it is a vulnerable situation. And, you know, we are very uncertain about, you know, how we will enter the winter.
Those comments from Torgrim Reiten. came as Equinor reported better than expected second quarter earnings, helped by higher European gas prices and a boost to its oil trading business from the conflict in Iran. Prices of natural gas in Europe on the Dutch TTF benchmark are over €60 a megawatt hour, close to the highest level since March of this year.
And UK inflation slowed to its lowest level in more than a year in June, helped by lower fuel prices. Consumer prices rose by 2.6% from a year earlier. The figure, which was marginally below expectations, will offer some relief to the new UK Prime Minister, Andy Burnham, as he focuses on the issue of the cost of living. Salmon Set is our Markets Today editor.
How is the U.S.-Iran conflict reshaping Gulf Arab allies' security concerns?
The headline rate coming down is obviously optically good, but that's almost entirely because of petrol prices, which fell month on month, but the inflation rate on petrol is still about 21, 22% year on year. So a little bit of pressure taken off, but not really. Overall, petrol prices are still much, much higher than they were earlier in the year.
Some instead, however, says the relief could be fleeting. Economists expect inflation to rise again next month as higher household energy bills and renewed tensions in the Middle East push up oil and gas prices. There was little reaction in the pound, trading at $1.33.
UK government borrowing costs are lingering around two-month highs as oil prices and fiscal jitters keep markets on edge. Both Britain's new Prime Minister and new Chancellor are stressing their commitments to fiscal discipline. Here's what Chancellor John Healey told Treasury staff yesterday.
I'm still burning with a passion about this institution as a force for stability, for security, for growth, a force for a successful Britain.
Despite Healey's words, some in the bond markets wonder how the new administration intends to fund some of its big pledges. This morning, the government announced it's lowering the national capital bus fares in England outside London from £3 to £2.
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