French Ship Exits Hormuz, Trump Warns of More Iran Strikes, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News. Now I'm Monica Ricks. A French container ship has exited the Strait of Hormuz in what appears to be the first known transit through the waterway by a vessel linked to Western Europe since the war in Iran started. It sailed from waters off Dubai and according to ship tracking data, stuck close to the Iranian coast.
What recent event involved a French ship in the Strait of Hormuz?
Iran has tightened its grip over Hormuz, allowing some ships from friendly nations to move along a pre approved route, but it's threatened to strike vehicles allied to the US or Israel. Meantime, President Trump's now threatening to go after Iran's infrastructure by destroying bridges and electric power plants. The president says the U.S. military hasn't even started destroying what's left in Iran, warning on social media overnight that Iran's leadership knows what has to be done and has to be done fast. Stocks reversed sharp declines to end the shortened holiday trading week as investors kept a close eye on developments in the Middle East. Bloomberg's Charlie Pellett has details.
Stocks had their best weekly gain since November, with the benchmark index rising 3.4% in a holiday-shortened week, its best performance since late November, after five consecutive losing weeks, the longest such streak since 2022. Charlie Fellett, Bloomberg Radio.
Later today, we should get key U.S. payroll data, but we'll have to wait all weekend to find out what Wall Street thinks of it. The government's open today, but markets are closed for Good Friday. Overseas, European markets are also marking Good Friday, but the Nikkei in Japan closed up 1.3% today. The Hang Seng in Hong Kong lost 0.7%. And China's CSI 300 was also down about eight-tenths. Brent crude topped $109 a barrel, but the world's most important price for real-world oil barrels surged above $140 yesterday, the highest since 2008. And analysts say global supplies are about to get even tighter. Stephen Shork is president of the Shork Group.
European buyers, refineries, once they come out of maintenance season, they're going to be buying a lot more oil, a lot more U.S. oil, but there is a limit to how much. So we are two to three weeks away from a shortage that we're already seeing that's going to grow exponentially over the next couple of weeks.
The Strait of Hormuz has been closed for more than a month now, creating the biggest supply disruption in oil market history. Americans are actually rethinking their travel plans now with the war in Iran into its second month. Bloomberg's Nathan Hager explains.
Conference board data show just under 17 percent of Americans are planning a trip overseas in the next six months. That's the lowest since the end of 2022. Deutsche Bank says transatlantic fares 21 days out are already about 200 bucks higher than before the war began.
What threats has President Trump made regarding Iran's infrastructure?
And while airlines say they're seeing customers rush to lock in fares before energy prices drive them up even more, United says its prices could rise another 20 percent if jet fuel stays expensive. Nathan Hager, Bloomberg Radio.
And SpaceX boosted its target IPO valuation above $2 trillion as it gears up to pitch its initial public offering. The company's meeting with prospective investors in the coming weeks, but aims to go public in June. I made it crystal clear I will follow the law. Pam Bondi is out as President Trump's Attorney General. Bloomberg's Jeff Mason tells us her tenure was tumultuous.
President Trump views the Justice Department and his Attorney General as an extension of the White House, essentially his personal lawyer. And when she didn't do everything that he wanted or didn't get all of the results that he wanted, because you could argue that she did do everything he wanted, he got fed up.
Bloomberg's Jeff Mason on Bloomberg's balance of power. Bondi upended the Justice Department's culture of independence from the White House, oversaw firings of career employees, and investigated some of the president's perceived enemies. Her departure also follows months of scrutiny over the DOJ's handling of the Epstein files.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:20
2
What recent event involved a French ship in the Strait of Hormuz?
0:20–2:40
3
What threats has President Trump made regarding Iran's infrastructure?
2:40–4:29
4
How did the stock market react to developments in the Middle East?
4:29–5:08
Speakers
6 identifiedMore from Bloomberg News Now
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