Extended Iran Ceasefire Considered, Oil Set for May Slide, 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. Both Iran and the U.S. are said to be considering terms of a preliminary deal to extend a ceasefire by 60 days. Bloomberg's Jumana Persechi has more on what's being considered.
This would be a memorandum of understanding, an MOU. That would entail a 60-day extension to the ceasefire, during which the first 30 days Iran would commit to an unconditional reopening of the straits, a demining of the straits in exchange for some form of economic relief. And that is a big sticking point because we just don't know yet what sort of sanctions relief or unfreezing of assets that the U.S. are willing to offer over that timeframe.
And that's Bloomberg's Yamada Bersetchi. Now, this comes as Iran's semi-official Tasnim news agency reports that the text of the possible memorandum of understanding has undergone changes in the past few days and is not finalized. Vice President J.D. Vance said that the U.S. and Iran are going back and forth on a couple of language points, including over issues relating to Tehran's nuclear capabilities. Although, he adds, Iran appears to be negotiating in good faith and progress is being made. Oil, meanwhile, is dropping to a six-week low on optimism the Strait of Hormuz may soon reopen. Brent traded near $92 a barrel and is set for a 19% monthly drop, the biggest since 2020. Despite the spike in oil prices during the Iran war, Mike Wirth, chief executive of Chevron, says it could have been worse.
We really are seeing markets tighten, inventories draw, demand for products around the world still very strong. I think there's this belief, and we're experiencing it again the last few days, that the end is near, the conflict is nearly resolved, and flow through the Strait will resume very quickly. And that has kept the back end of the curve lower than it might otherwise have been. And I think the psychology of the market has been this is closer to the end rather than the beginning.
And that's Mike Wirth, Chief Executive of Chevron, speaking to Bloomberg Television. Catch the full conversation on the Bloomberg Business app. U.S. Defense Secretary Pete Hagseth is in Singapore. Will he meet with regional leaders and security counterparts ahead of a closely watched address at a major Asian security forum on Saturday? We get more with Bloomberg's David Gurra.
He's there for the Shangri-La dialogue, this big international conference for security and defense. He's expected to deliver a major speech, Karen, on Saturday, where he's going to reinforce Washington's message on what things should be happening in the Indo-Pacific, build on the conversations that took place between President Xi and President Trump in China. I should say China's representative is not going to be at that conference, but the goals here are twofold. Again, build on those talks and also kind of reinforce or underscore the lines that the U.S. has drawn about what it wants to see happen between the world's two largest economies.
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