Chapter 1: 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.
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Chapter 2: 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.
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Chapter 3: 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, to narrow in future and to result in the peace solution finally.
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Chapter 4: What conditions does Iran want for ending hostilities?
Well, Nathan, oil on the rise as we close out the volatile trading week. Meanwhile, the risk to global energy supplies from the war continue to grow. According to Saudi Arabia's state-run news agency, the kingdom has lost nearly 600,000 barrels a day of production capacity as a result of Iranian attacks. Will Kennedy covers the energy markets for Bloomberg.
It's become clear that the war has done meaningful damage to the energy industry in the region. That's an example of how long the conflict will linger and the fact that the economy and the market globally should expect oil prices to remain elevated for some time to come.
Bloomberg's Will Kennedy says markets face a daily shortfall of more than 10 million barrels, roughly one-tenth of global demand due to the effective closure of the Strait of Hormuz, checking NYMEX crude oil. It's up nine-tenths of a percent this morning at $98.79 a barrel. Brent is up nine-tenths of a percent at $96.76.
And Karen, futures are a little changed to lower as we close out the week. Stocks are coming off seven straight days of gains, their longest winning streak since October. Robert Rao is head of global strategy at Citigroup Research.
I think the news over the last two days has been encouraging, but I don't think we're out of the woods yet. And I think the markets priced themselves that way. We haven't had a full recovery or full reversal of the risk aversion that took place in the market. And I think it's a wait and see for the market right now.
Citigroup Research's Robert Rau, the S&P 500 is down nearly 1% since the war began, while oil is up 46%.
Time now for the Bloomberg Sports Update, and we bring in John Staschauer. John.
Thanks, Karen. Only three golfers have won back-to-back Masters. They're three of the all-time greats. Jack Nicklaus, Nick Faldo, and Tiger Woods. Rory McIlroy trying to join the club. Just had his best Masters opening round since 2011. A 5-under par 67. McIlroy tied for the lead. with Sam Burns.
College hockey in Las Vegas, the Frozen Four semifinals and wins for Wisconsin and Denver, who beat Michigan in double overtime. The Wolverines were trying to win the hockey championship the same week they won it in basketball. That's your Bloomberg Sports Update.
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