Iran Vows Retaliation, Trump Reacts, Possible Oil Fallout, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump says bombing will continue in Iran throughout the week and as long as necessary as Iran threatens retaliation for strikes from the U.S. and Israel. The president's not expected to speak today, but we're told key members of Congress will get a briefing later today. Bloomberg Balance of Power host Joe Matthews says it comes as some lawmakers push for a war powers vote this week to curb the president's authority on future action without congressional approval.
I just wonder how quickly lawmakers could get back to town if leadership decides to do that, because that's the Democratic demand is that everyone reassemble and get a vote on it, which could have happened this week. By the way, there was already a move in that direction, as we discussed yesterday. But two New Yorkers, Gregory Meeks and Chuck Schumer, wanted done now. And I'll be very curious to see what happens with the timing here as we learn more about the window of opportunity that presented itself for this raid.
Bloomberg's Joe Matthew on Bloomberg this weekend, and he's talking about reporting there from The New York Times that said the CIA helped pinpoint a gathering of Iranian leaders ahead of Israel's attacks on Iran. Again, Iran has vowed to retaliate and has now formed a council to govern while picking a new leader to succeed Supreme Leader Ayatollah Ali Khamenei. President Trump did warn on Truth Social that if it does retaliate, will hit them with a force that has never been seen before. Meantime, sirens have been ringing all morning in Jerusalem with more targeted strikes expected throughout the week and possibly beyond. And at least nine people have been killed in clashes between pro-Iranian protesters and police in Pakistan.
They've been trying to break into the U.S. consulate in Pakistan's main port city of Karachi this morning. Police used tear gas and fired warning shots to disperse the crowd before authorities say protesters stormed the gates. Here at home, demonstrators called for a different regime change. Hundreds carried signs and chanted anti-war messages in Times Square in New York City, opposing U.S. strikes in Iran. Layan Fulihan was one of them and says President Trump needs to focus on domestic issues.
We need health care. We need ICE to stop assassinating people and stop ripping families apart. We need housing. We need education. We don't need another war.
NYPD watched from the sidelines, but no arrests were made. There could be marked fallout come Monday, especially when it comes to oil.
What are the latest developments in U.S.-Iran relations?
Bloomberg's Mike McGlone.
Crude oil was already up 20% on the year. Brent running near very good resistance, around $72 a barrel. And the key question is, will there be a reduction, a sustained reduction in supply? Remember, Iran only produces exports maybe one to two million barrels a day. The U.S. net exports are running four million barrels a day. So I think this is a classic example. Unless there's some major disruptions, I'm pretty sure the U.S. military will probably render Iran probably defences rather rapidly. We might get that classic pump into the risks and dump afterwards. So I'm fully expecting come Monday crude oil will probably be lower.
That's Bloomberg's Mike McGlone on Bloomberg This Weekend. This morning, OPEC Plus agreed to resume oil production increases next month.
How is Congress responding to President Trump's military actions?
Members will add 206,000 barrels a day, up from just 137,000 barrels a day in the fourth quarter. The group's spare production capacity is largely confined to Saudi Arabia and the UAE, though.
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