March 30, 2026: Iran Hits Oil Tanker in Kuwait, WSJ: Trump Willing to End War, More
episodePreviously titled “Iran Hits Oil Tanker in Kuwait, WSJ: Trump Willing to End War, More” — renamed by the publisher on Aug 2, 2026
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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 Doug Krisner. We are seeing dramatic swings in oil prices at this hour. Shortly before 7 p.m. Eastern, we learned that Iran struck a fully laden Kuwaiti oil tanker in the Anchorage area of Dubai's port. The state-run Kuwait Petroleum Corporation reported damage to the hull of the vessel and a fire on board. And immediately, we saw both WTI Crude and Brent jump 4%. Then came a report from the Wall Street Journal saying President Trump is willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed. The journal reports in recent days Trump and his aides assessed that a mission to open the strait would push the conflict beyond his timeline of four to six weeks.
Trump reportedly decided the U.S. should achieve its main goals of hobbling Iran's navy and its missile stocks, then wind down current hostilities while, at the same time, pressuring Tehran diplomatically to resume the free flow of trade. And then we saw WTI and Brent Crude each lower by 1%. Bloomberg Intelligence Senior Commodities Strategist Mike McGlone says the worst of the surge in oil may be behind us.
If this continues, crude oil can be its own worst enemy. When it spikes at this velocity, it usually ends up going lower, and I'll end with one key example. It seems like to me it's very similar to 2008. Crude oil peaked at 147, and by the end of the year, it was down to 32. By the time we get to midterms, I think that WTI crude oil future contracts more likely to be closer to 50.
Mike McGlone from Bloomberg Intelligence. A new poll today shows 65 percent of Americans fear the price of gasoline is headed still higher. Here is Cliff Young, U.S. president of the polling firm Ipsos.
interventions don't affect domestic issues. But in this specific case, obviously the price of oil is critical for everyone and for Americans' household budgets. Most importantly is how much am I paying at the gas pump? Can I make ends meet? Can I afford things to make my family go?
That is Ipsos President Cliff Young speaking earlier to Bloomberg's balance of power. Incidentally, as of Sunday, the average price of U.S. retail gasoline stood at $3.99 a gallon. That's according to AAA. Secretary of State Marco Rubio saying today the U.S. may need to reassess its relationship with NATO after the Iran war is finished. Rubio warned the current arrangement may not be sustainable if allies expect U.S. protection but don't provide reciprocal support. In an interview today with Al Jazeera, Rubio called NATO's alleged lack of support in the Middle East conflict very disappointing.
If NATO is just about us defending Europe if they're attacked, but them denying us basing rights when we need them, that's not a very good arrangement. That's a hard one to stay engaged in and say this is good for the United States. So all of that is going to have to be reexamined.
That is Secretary of State Marco Rubio speaking to Al Jazeera. His remarks come as U.S. allies resist deeper involvement in the conflict.
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