Iran-US Hostilities Worsen, Trump to Address the Nation, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow. Tensions are intensifying in and around the Strait of Hormuz. The U.S. struck Iran for a fifth straight day overnight and hit a sanctioned oil tanker near the country's main export terminal. This is Tehran responded with attacks aimed at U.S. bases in Kuwait and Jordan. Bloomberg's Paul Wallace has more from Dubai.
Both sides seem pretty entrenched in their positions. None of them are backing down. And there's certainly no sign that Iran is backing down in the face of Donald Trump's threat to escalate U.S. strikes unless Tehran says it will give up control over the Strait of Hormuz and stop attacking ships there. So I think we could be in for several days more of skirmishing and strikes around the Persian Gulf.
Bloomberg's Paul Wallace reports Iran's chief negotiator installed peace talks with the U.S., said he sees no reason to remain committed to the interim peace deal, but he's stopping short of saying Tehran will formally withdraw from the memorandum of understanding. Speaking to Bloomberg's David Gurra at the Aspen Security Forum, International Energy Agency Executive Director Fadi Biral warned the global economy will be in peril if the crisis is not resolved within weeks.
If the Hormuz state is not open end of July, then the travel season starts, which means the demand goes up. We may be entering the restaurant for global economy. Thanks God there was a ceasefire and some oil went through the state of Hormuz. It is good news. But if the current situation lasts longer and the state of Hormuz is quasi closed, then we may again have some difficult days for the global economy.
And that was International Energy Agency Executive Director Fante Birwal speaking with Bloomberg's David Gurra at the Aspen Security Forum. Hundreds of protesters gathered in downtown Kiev and in other Ukrainian cities today after Ukrainian President Volodymyr Zelensky moved to dismiss his defense minister. This is Parliament appointed a new prime minister as part of a major government reshuffle. The shakeup could become a test of Zelensky's political authority as Ukraine's fight against Russia's full-scale invasion approaches four and a half years. President Trump is scheduled to deliver a primetime national address from the White House tonight, and the speech is expected to focus on election integrity.
Bloomberg's Amy Morris has more from Washington.
How are Iran-US strikes escalating around the Strait of Hormuz?
A day before the president's address, DNI nominee Jay Clayton faced questions from senators about the 2020 election, which President Trump continues to falsely claim that he won. Senator Mark Warner of Virginia.
So let me just ask you, it should be a simple question. Do you deny that Joe Biden won the 2020 election? Senator, I'm not an election denier. Joe Biden was certified as the president.
Now, President Trump's speech is expected to focus on newly declassified intelligence regarding foreign interference in past elections, along with proposed changes to voting machines and federal voting rules. In Washington, Amy Morris, Bloomberg Radio.
All right, Amy, thank you. You can listen to the president's speech tonight at 9 p.m. Wall Street time on Bloomberg Radio or watch it on Bloomberg Television or the Bloomberg Business app. Acting Attorney General Todd Blanch says he would support a bill to block creation of a $1.8 billion government weaponization fund. He made that apparent concession during his Senate confirmation hearing to be permanent head of the Justice Department.
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