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 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.
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Chapter 2: 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.
Chapter 3: 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. which together holds about 3% of world supplies. The unrest in the Middle East is also causing widespread flight disruptions now. We get those details from Bloomberg's Dan Schwartzman. The U.S.
and Israeli bombing campaign over Iran and the subsequent retaliation by the Islamic Republic has led to more than 2,300 flight cancellations being recorded in the Middle East, with more than 90% of departures from Dubai International Airport being canceled. That's according to FlightAware data.
Some airlines were hit hard with Qatar Airways saying all flights are still halted and that it would provide an update at 9 a.m. on Monday. Emirates, the world's largest international airline, they've suspended flights indefinitely while Etihad extended cancellations until 2 a.m. on Monday.
The UAE's Civil Aviation Authority said it was dealing with 20,000 affected passengers caught up in the disruption. Dan Schwartzman, Bloomberg Radio.
Crypto traders are keeping a close eye on Bitcoin this morning. The token rose as much as 2.2 percent to just over $68,000 after Iran confirmed the death of its supreme leader yesterday. It's now trading at about $66,000 this morning. And six accounts on PolyMarket made around a million dollars in profit by betting on the U.S. to strike Iran by February 28th.
That's according to analytics firm Bubble Maps. It says those accounts were all freshly created last month and had only ever placed bets on when U.S. strikes might happen, with some of their shares purchased just hours before the first explosions were reported in Tehran. The pattern of bets has now raised suspicions of insider trading.
In other news today, OpenAI is defending its deal with the Pentagon. Bloomberg's Ed Kalecki has details.
OpenAI has agreed to deploy its own artificial intelligence models within the Defense Department's classified network after rival Anthropic saw its relationship with the Pentagon implode over surveillance and autonomous weapons concerns.
OpenAI Chief Executive Officer Sam Altman said late Friday that he'd reached an agreement with the department that reflects the firm's principles that prohibit domestic mass surveillance and require human responsibility for the use of force, including for autonomous weapons systems. Bloomberg Radio.
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Chapter 4: What are the implications of Iran's vow for retaliation?
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