Iran Keeps Hold Over Hormuz, Ceasefire Talks Ahead, 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 Nathan Hager.
And I'm Karen Moscow.
Karen, the U.S. and Iran are heading into high-level talks in Pakistan tomorrow on ending their six-week war with new threats from President Trump. In a series of social media posts, the president warned Iran against charging fees on tankers to go through the Strait of Hormuz, and he said Iran was doing a dishonorable job of allowing oil through the waterway. Bloomberg's Jumana Bersetchi reports both sides are still very far apart ahead of tomorrow's discussions.
The US once again reiterating their principles, which is zero enrichment policy for Iran, limiting their ballistic weapons, a full unconditional reopening of the Strait of Hormuz, and limiting the funding for some of their military proxies in the region.
What are the latest developments in U.S.-Iran ceasefire talks?
Iran, on the other side, have been saying that they want a full cessation of hostilities, war reparations, assurances from the U.S. that they won't strike again, in addition to their ability to, number one, maintain these group of proxies around the region, including Hezbollah, which is a key point for them, and a new one, which is they are asserting that they have right of sovereignty over the Strait of Hormuz. And clearly that is a non-starter. But it's also a condition that did not exist before the war started six weeks ago.
Bloomberg's Giovanna Bersetchi reports despite his latest threats, President Trump still says he is optimistic about reaching a deal with Iran.
Nathan, what if this weekend's talks end with no deal? Jennifer Welch is chief geoeconomics analyst for Bloomberg Economics.
What are President Trump's demands regarding the Strait of Hormuz?
If Iran is seen as still not making good on its promise to reopen the Strait of Hormuz, which Trump said was critical to the ceasefire, he really has two choices. He can either threaten as he has to use military force against them, saying that the ceasefire is now null and void. But I think the bar for that is rather high. This is an unpopular war in the United States. Gas prices are still rather high. He's clearly looking for an exit ramp. So that leads to the second option, which is diplomacy. And I think that's why we are seeing talks happening this weekend.
Jennifer Welch with Bloomberg Economics says Vice President J.D. Vance will lead the U.S. delegation in Islamabad tomorrow, along with Envoy Steve Witkoff and Jared Kushner.
And Karen, Israel's Prime Minister Benjamin Netanyahu has agreed to talks with Lebanon. This comes as President Trump said the Israeli leader has agreed to low key it, in his words, with strikes on the war weary country. Still, Netanyahu is vowing to keep fighting Iran backed Hezbollah in Lebanon.
Dear residents of the north, I am proud of you. You continue to stand strong. I want to tell you there is no ceasefire in Lebanon. We will continue to strike Hezbollah with great force. We will not stop until we restore your security.
Benjamin Netanyahu spoke through an interpreter. The Lebanese health ministry says Israel's offensive earlier this week left more than 300 dead.
And a reminder, Nathan, to stay with Bloomberg for the latest developments out of the Middle East. Bloomberg This Weekend with David Gurra, Christina Ruffini, and Lisa Mateo will have live coverage and analysis of the U.S.-Iran talks. Tune in tomorrow and Sunday from 7 a.m. to 10 a.m. Eastern on Bloomberg Radio TV and the Bloomberg Business app.
And Karen, there are new developments this morning on the other major war overseas. The top negotiator of Ukraine with Russia says he sees progress toward a potential peace deal with the Kremlin. In a conversation held last Saturday, Kirill Obudinov expressed optimism that the talks are evolving toward a settlement. He spoke with Bloomberg's Vladimir Verbiani.
Budanov believes that some significant progress has been achieved because he is in charge for prisoner swap and prisoner swaps between Ukraine and Russia go on. He also said that now the sides understand clearly what are both sides' limits for these talks and he expects the stance of each side, which he sees as maximalist,
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