Iran Talks Hormuz Plan, Trump Says Will Order DHS Pay, 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 Nathan Hager. Markets are taking a turn on the latest developments in the Middle East. State-run media are reporting Iran is drafting a protocol with Oman for traffic through the Strait of Hormuz. The report says the plan will not constitute restrictions. Iran's deputy foreign minister says Tehran will set tolls for ships passing through the strait. This comes after a speech last night from President Trump where he urged allies to take the lead.
I have a suggestion. Number one, buy oil from the United States of America. We have plenty. We have so much. And number two, build up some delayed courage. Should have done it before. Should have done it with us, as we asked. Go to the straight and just take it. protected.
In that address heard live on Bloomberg Radio, President Trump said attacks on Iran could go another two to three weeks if he doesn't reach a deal. Bloomberg's Tyler Kendall has more from Washington.
President Trump touted the tactical successes that we've seen so far when it comes to this military operation, but we didn't really get any new concrete details or strategy when it comes to a potential timeline or what's going to happen for some of the strategic setbacks that the U.S. is facing, perhaps most notably the closure of the Strait of Hormuz.
Bloomberg's Tyler Kendall in the nation's capital. The UK has been leading a virtual meeting with more than 35 nations on how they could reopen the strait. French President Emmanuel Macron says a military response would not make sense.
This has never been an option that we've chosen. And we think it's unrealistic. Unrealistic because it would take an infinite amount of time and would expose everyone going through this strait.
French President Emmanuel Macron spoke through an interpreter in Seoul, South Korea. The prospect of a plan to regulate the strait, though, now has oil moving off session highs. West Texas intermediates trading around $109 a barrel. That's up nearly 9% for June contracts. Brent futures for May are at $106 a barrel. That's a gain of about 5%. And the S&P 500 now is little changed. The Dow Jones Industrial Average and the Nasdaq Composite are as well. The 10-year Treasury yield is down two basis points at 4.29%. President Trump says he'll sign an order to resume pay for the Department of Homeland Security, including FEMA and the Coast Guard. He announced that in a social media post after the Senate once again passed a bill
to end the DHS shutdown without funds for immigration enforcement. The House rejected the same measure last week, but Speaker Mike Johnson now says he will get behind a two-track plan to reopen DHS and pass immigration funds through a party-line budget bill. President Trump has not given further details on the pay order he says he'll sign. President Trump may be ready to make another cabinet change. Semaphore is reporting he's told Attorney General Pam Bondi her time in that position is near an end. This comes after multiple reports the president's been talking about a change at the Justice Department.
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