Houthis Vow Ban on Saudi Ships, Burnham Promises New Economic Model, More

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Bloomberg News Now 7 min 8 speakers 4 chapters transcribed 2 months ago

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David Weston 0:00

Hi, I'm David Weston. Join me every week for the Wall Street Week podcast to hear stories of capitalism from around the world. From geopolitical tensions and central bank decisions to artificial intelligence, energy and infrastructure. We sit down with the CEOs, economists, policymakers and thought leaders whose decisions are shaping markets everywhere we find them. Subscribe to the Wall Street Week podcast on Apple, Spotify or anywhere you listen.

Karen Moskow 0:32

News when you want it with Bloomberg News Now. I'm Karen Moscow and oil is swinging sharply between gains and losses in a fraught session as traders grapple with a barrage of headlines that suggest a worsening of the Middle East conflict as well as attempts to bring about a pause in the war. Brent is currently at 80%. $88.61 a barrel, that's up six-tenths of a percent. NYMEX crude oil is up a quarter percent at $82.69. Yemen's Iran-backed Houthi rebel group said it would impose a ban on maritime traffic from Saudi Arabia, a potential threat to the Red Sea shipping route that has enabled the kingdom to export millions of barrels a day of crude, via a pipeline system stretching across the country that was after oil tankers and kuwaiti facilities were attacked by iran in recent days bringing energy assets firmly back into the crosshairs of the conflict still reuters reported that mediators have proposed a 10-day cessation of strikes between the u.s and iran as a means of finding ways to revive an interim u.s iran peace deal that has all but collapsed

Karen Moskow 1:39

Earlier, Iran's foreign ministry said it had received proposals from mediators regarding the war with the U.S. without elaborating on what they were. All this comes after the U.S. completed a ninth straight day of bombings in Iran. And we get more on the latest round of fighting with Bloomberg News Middle East breaking news editor Patrick Sykes.

Patrick Sykes 1:59

Several US service members have been killed across these Iranian attacks on the US bases around the region. Those attacks have been continuing for over a week now in countries like Jordan, Syria, Kuwait has been hit particularly hard, and of course we've seen attacks continue around the Strait of Hormuz on shipping interests as well. I think those first deaths really marked a bit of an uptick in the tensions on the military side, and that's why we saw a stronger U.S. response over the weekend.

Karen Moskow 2:34

And that's Bloomberg's Patrick Sykes. The traffic through the Strait of Hormuz is said to be at a standstill. The U.S. military has identified two soldiers that were killed in action last week as part of the war with Iran. In a statement, the Defense Department said 25-year-old First Lieutenant Tyler James Fian of Hawaii and 19-year-old Private Isabella Gonzalez of Texas were killed in Jordan, where they were supporting a U.S. mission against the Islamic State group. It's unclear how they were killed. U.S. gas prices have jumped to an average of $4 a gallon, that according to AAA, the average price a year ago was $3.14. And we turn to the U.K. now. Andy Burnham has pledged to end the U.K. 's political instability with a new economic model.

How are oil prices reacting to renewed Middle East tensions and Houthi shipping threats?

Karen Moskow 3:21

Burnham delivered his first speech this morning as prime minister.

Andy Burnham 3:24

Britain needs to show the world that we can regain our stability once again. And that is our challenge, to make politics work, to make it work better.

Karen Moskow 3:39

And that's UK Prime Minister Andy Burnham. We get more now with Bloomberg Daybreak Europe co-host Caroline Hepker.

Caroline Hepker 3:45

I think the first 100 days are going to be very closely watched. I can't say that the expectations are as high as they were when Keir Starmer came into government, certainly not from business. I mean, you've heard the likes of the leader of the CBI, the biggest business lobby in the UK, really worried about a summer of speculation. ahead of the budget about what is going to happen with taxes. I think businesses are really deeply worried because of the negative tone that Keir Starmer took and then the tax hikes that cost a lot to business then.

Karen Moskow 4:16

And that's Bloomberg's Caroline Hepger.