Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now, I'm Ed Kalegi. Iranian state TV is now also saying that Supreme Leader Ayatollah Ali Khamenei is dead. Earlier, President Trump posted on social media, on Truth Social, the death of Ali Khamenei, adding that the heavy and pinpoint bombing, however, will continue uninterrupted throughout the week or as long as necessary.
Killing the ruler who dominated the Islamic Republic for more than three decades took the U.S.-Israeli campaign to quash Iran's regional power to a new level, even as Iran retaliated with strikes on U.S. allies in the oil-rich Middle East and threatened tanker traffic through the Hormuz shipping strait.
Iran's semi-official Fars news agency said Trump's claim was denied by sources close to the Supreme Leader's office. OPEC will consider a larger supply increase when key members meet Sunday following U.S. and Israeli airstrikes on targets in Iran. We get more from Bloomberg's Monica Ricks.
The group led by Saudi Arabia and Russia was expected to resume modest production increases from April after a three-month supply freeze. They'd added monthly increments of 137,000 barrels a day in the fourth quarter, but these attacks could now escalate production increases. Physical disruptions are also a big concern, but for now, the Strait of Hormuz remains open.
That's a critical shipping lane for much of the world's crude supply. Oil prices climbed with Brent crude as high as $73 a barrel Friday, but oil markets could be shaken up a bit come Monday. Monica Ricks, Bloomberg Radio.
Adding to Monica's report, oil shipping has largely paused in the Strait of Hormuz that links the oil-rich Persian Gulf to the open seas after the U.S. and Israel bombed Iran, with Iranian media saying the waterway is practically closed. Ships reported hearing a radio broadcast reporting to come from the Iranian Navy announcing that transit through the waterway was banned.
There's been no formal announcement from Tehran about the status of the strait, which is crucial for the flow of oil and gas. But several tankers that had been heading toward Hormuz turned around in recent hours. A large number had already paused to wait near the entrance to the waterway after the bombing started.
The disruption is impacting everything from crude oil tankers to container ships that carry furniture. There have been some questions about the president's authority to attack Iran without congressional approval. Former National Security Advisor and Ambassador to the United Nations John Bolton talked about it on Bloomberg this weekend.
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Chapter 2: What recent news has emerged about Iran's Supreme Leader?
John Bolton on Bloomberg this weekend. You can hear more of the show tomorrow at 7 a.m. Eastern. continued to pour in all day from all over the world. Russia called the strikes and provoked aggression. China said it's highly concerned and called for a stop to the assault. Australia and Canada expressed support for the U.S.
Chapter 3: How did President Trump's claims about Khamenei's death impact U.S.-Iran relations?
France, Germany and Britain have also called for negotiations to resume between the U.S. and Iran following Iran's attacks on other countries. This is U.K. Prime Minister Keir Starmer.
It is vital that we prevent further escalation and return to a diplomatic process. We want to see peace and security, and the protection of civilian life. Iran can end this now. They should refrain from further strikes, give up their weapons programmes, and cease the appalling violence and repression against the Iranian people.
UK Prime Minister Keir Starmer. The Iran conflict has triggered a sharp risk-off move across cryptocurrencies. Bitcoin fell as much as 3.8% to 63,038 before stabilizing near 64,000 in early morning trading in New York. Ether slid as much as 4.5% to 1836. Roughly $128 billion was erased from the total value of digital assets in the immediate aftermath, this according to CoinGecko data.
The timing of the U.S. and Israeli strikes in Iran comes at a holy time for the religious community throughout the Middle East. We get more on that from Bloomberg's Dan Williams.
For many Muslims, this attack will be seen as a huge affront, not just because of the targets and the potential killing of the very top of the top of the Iranian echelon, also because it took place during the holy month of Ramadan, which is being marked with fasting and prayer by Muslims across the region.
For Jews, today is the Jewish Sabbath, and it's three days away from the festival of Purim, which historically has marked major turnarounds for the Jewish people.
Bloomberg's Dan Williams. Operating profits at Berkshire Hathaway fell nearly 30 percent in Warren Buffett's last quarter as chief executive officer as insurance underwriting earnings slumped. That metric fell by more than 54 percent, and the company warned of potential future challenges to the business because of strong competition and rising claims.
Berkshire also took a $4.5 billion impairment on its Kraft Heinz and Occidental Petroleum holdings. Berkshire's cash pile stood at $373.3 billion, down from $381.7 billion in the previous quarter. The conglomerate's earnings are closely watched because its stable of businesses ranging from insurance to rail, energy and manufacturing provides a snapshot of the health of the U.S. economy.
That's news when you want it with Bloomberg News Now. I'm Ed Kalecki. This is Bloomberg.
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Chapter 4: What are the implications of OPEC's upcoming meeting?
It all adds up to greater growth. Visit business.gov.uk slash growth.
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, head of government and economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond.
Listen to new episodes every Wednesday and follow Trumponomics wherever you listen. People who didn't do what John of God wanted them to do, they usually disappeared.
John of God was once Brazil's most famous spiritual healer. But in this limited series podcast, we uncover the darker truth behind his global empire of faith and fear. From Exactly Right and Adonde Media, this is Two-Faced, John of God. Listen on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.