Iran Responds to US Proposal to End War, Hormuz Crisis, More
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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 Monica Ricks. We're still waiting on details on Iran's response to President Trump's latest proposal to end 10 weeks of war in the Middle East. It went to Pakistan this morning, which is acting as a mediator for this conflict. Bloomberg's Jeff Mason has more from Washington.
They've been waiting all weekend for it to come in and now it's in and now what we'll want to be asking and seeing is whether or not It's acceptable to President Trump what they've responded to and whether the conditions are enough that the ceasefire will continue so that they can move on to talks about the nuclear program in Iran that President Trump said was the actual reason for getting into this war in the first place.
Bloomberg's Jeff Mason on Bloomberg this weekend. The U.S. proposal stipulates Iran reopened the Strait of Hormuz and Washington would end its blockade on Iranian ports in the next month. But Energy Secretary Chris Wright says without a deal, the U.S. could use force to reopen the strait.
Things are tough for the leaders of Iran right now. They get growing motivation to make a deal. But we know where this is going to end. We don't know the route to there. But at the end of the day, we'll have free flow of traffic.
Energy Secretary Wright on NBC's Meet the Press. He went on to say that he's avoiding gas price predictions as oil continues soaring. but admits that high costs won't come down until the Strait reopens. Brent crude closed at $101 a barrel on Friday, and gas prices are creeping closer to $5 a gallon. Nationwide, AAA says the average now is $4.52 a gallon. Meantime, Pakistan held talks with Iran to allow a limited number of Qatari liquefied natural gas cargos to transit the strait to help meet urgent demand. Bloomberg's Stephen Stepchinski reports from Singapore.
Qatar supplies 20 percent of global supply of LNG globally. And so this does mean something in the sense that potentially. More ships could get out. There could be more easing. It's going to Pakistan, which is a big deal. Not only are they a key intermediary between the U.S. and Iran talks, but also Pakistan is dealing with an acute gas shortage. They get 99 percent of their LNG from Qatar last year. They've gotten basically nothing so far since the war started.
That's Bloomberg's Stephen Stepchinsky on Bloomberg this weekend. Before the war, he says three shipments of LNG would be exported through the Persian Gulf daily. And this comes as attacks continue in the region. Qatar's defense ministry says a commercial cargo ship coming from Abu Dhabi was attacked in its waters by drones. No one was injured there, but the UAE says it intercepted two Iranian drones. And dozens died as Israel and Hezbollah traded strikes across Lebanon this weekend. The Israeli military says it was targeting Hezbollah weapons storage facilities and launch sites. The cruise ship at the center of a deadly hantavirus outbreak has started the process of disembarking passengers in Spain's Canary Islands, almost a month after that virus broke out on board.
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