Gulf Allies Push for Iran Peace Deal, Gas Prices Soar, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. Persian Gulf nations and Pakistan are now working to transform a fragile truce in the Iran war into a permanent peace deal after President Trump signaled this conflict could end soon. It kept global energy markets on edge this week and oil prices elevated, despite both sides saying they still have major disagreements on issues, including Iran's nuclear programs and rights to control traffic through the Strait of Hormuz. U.S. Secretary of State Marco Rubio has arrived in New Delhi, where he's set to meet with Indian Prime Minister Modi today to discuss trade and energy security as India struggles with supply disruptions stemming from this war.
It's looking to diversify imports, including purchasing more energy from the U.S. Meantime, Rubio is defending President Trump's decision to send 5,000 U.S. troops to Poland now, just weeks after pulling them from Germany.
The United States has global commitments for our military, so we are constantly reevaluating where we're positioning forces. And since the first day of this administration, the Department of War has been working on that, and that's known to our allies.
Some NATO allies and defense officials have called the move confusing. AAA says drivers nationwide are now paying an average $4.52 a gallon as millions hit the road this Memorial Day weekend. But Gas Buddy's Patrick DeHaan says prices could climb even higher this summer as energy flow disruptions continue in the Middle East.
Global inventories are declining, and that means that the longer the Strait of Hormuz continues to be closed, we could see an elevated risk of the national average reaching the $5 gallon mark, something we've only seen for less than a week back in 2022.
That's gas buddy petroleum analyst Patrick DeHaan on Bloomberg this weekend. California, which relies heavily on fuel imports, has already topped $6 a gallon. Foreigners applying for a green card in the U.S. will now have to go back to their home countries. Bloomberg's Ed Kalecki has details.
It's a change with potentially far-reaching ramifications for legal immigration amid President Trump's sweeping crackdown. The details of how the new system will play out remained unclear. But requiring people to travel abroad to a U.S. consulate could leave many stranded for weeks, months, or even years in backlogged appointment systems. For immigrants who came into the U.S. illegally, including those who entered without authorization and later married U.S. citizens, leaving the country to apply for permanent residency could carry even greater dangers. Once their history is reviewed, they could be barred from returning to the U.S. Ed Kolegi, Bloomberg Radio.
Former CIA officer Aaron Lucas has been tapped to replace Tulsi Gabbard as director of national security. President Trump making that announcement on social media, praising him as highly respected. Lucas has aligned with some of Trump's most ardent beliefs, including that intelligence agencies have become infected with wokeness and that allegations of a Russian operation to sway the 2016 election are a hoax.
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