Iran Deal Hopes Dim, Mamdani's NYC Pied-a-Terre Tax Paused, More
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What is the main topic discussed in this episode?
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News When You Want It with Bloomberg News Now, I'm Doug Krisner, and we begin with a war in Iran. Earlier today, President Trump lashed out against Iran's demands for war compensation as part of talks to wind down this conflict. Speaking in the Oval Office, Trump said the US now controls the Strait of Formuz.
Can they make trouble? Yeah, they can make trouble. But they're broke, they have no money. You know, Iran is broke, totally broke. And uh they're not paying their soldiers. Uh, they have inflation of three hundred percent as of last night, I heard three hundred, three hundred and nine percent. So we'll see what happens.
Earlier in the day on Monday, Trump signaled that he's prepared to allow economic pressure on Iran to build rather than launch fresh military strikes to force a reopening of the strait. Meantime, a rally in oil prices today left the equity market wavering while bond yields climbed. The lack of a deal to revive the Strait of Four Moose drove Brent crude above eighty-seven dollars. Now higher energy costs did stoke. Concerned that the Fed will have to raise interest rates this year despite a slowdown in the labor market. Mike McGlone is senior commodity strategist for Bloomberg Intelligence. He says domestic political pressure on the cost of living may lead to a reworking of U.S. oil exports.
We're finding out there's a surplus of crude oil liquid fuels in the S in the US, but not the refined products like diesel, as you mentioned. Diesel's five dollars and thirty cents, that's near an all-time high. Gasoline's around four dollars, it's not so bad. But it's the rest of the world will have a problem. The key theme though is my theme all along is he'll get prices lower by midterms. We have three and a half months left.
That is Bloomberg's Mike McGlone. It will be election night in America tomorrow with special primaries in Alabama and South Carolina, plus other congressional races in several states. We have more from Bloomberg's Amy Morris.
A Supreme Court ruling cleared the way for Alabama to use its 2023 legislature-drawn congressional map, but it was too late for four of those district races, so they were rescheduled for August 11th. In South Carolina, ten Republicans are competing in a special primary election to replace the late Senator Lindsey Graham on the general election ballot. If no one wins the majority, the top two vote getters will advance to a special runoff on August 25th. Primary elections are also going on in Connecticut, Minnesota, Vermont, and Wisconsin. In Washington, Amy Morris, Bloomberg Radio.
A legal setback for New York City Mayor Mzoran Mamdani on his Pieditaire tax. That story from Bloomberg's Charlie Pellet.
The rollout of the tax was temporarily blocked by a state court judge on Staten Island. Last week the city was sued by a group of homeowners who said City Hall's publication of a list of properties that could be subject to the levy has caused quote mass confusion and invited unwarranted scrutiny of their personal information. The judge granted the homeowner's request for a temporary restraining order blocking the city from taxing.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–4:20
2
What are the latest developments in the Iran conflict and how might they affect global oil markets?
4:20–5:20
3
Why did President Trump claim the U.S. now controls the Strait of Hormuz and what are the implications?
5:20–6:10
4
How is the rising cost of diesel and gasoline influencing U.S. consumers and the broader economy?
6:10–6:48
Speakers
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