Middle East Tensions Ease, Oil Dives, More
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News when you want it with Bloomberg News Now. I'm Karen Moscow. The U.S. has paused an almost two-week run of strikes against Iran. After 13 straight nights of strikes aimed at degrading Iran's ability to attack commercial shipping, the U.S. has apparently held off since late Friday. On NBC's Meet the Press, U.S. Ambassador to the United Nations Mike Waltz insisted President Trump had not totally ruled out further military action.
The president is keeping all options on the table. I've spoken with the negotiators. I've spoken with Secretary Hegseth. What the president is doing right now, as we've seen all along, is giving some talks some space. Talks are ongoing. They're happening at every level, from the more technical aspect of it all the way to the highest levels, of course.
Mike Waltz speaking on NBC's Meet the Press, which you can hear Sunday afternoons on Bloomberg Radio. As a result of the pause in U.S. strikes, Iran has halted its retaliation, began more in the efforts for a permanent truce from Bloomberg Middle East correspondent Abir Abu Omar.
You know that the deputy foreign ministers of both Oman and Iran had met in Oman over the weekend with the Iranian delegation leaving on Saturday evening. Now, we don't have a lot of clarity from what actually went on in that meeting. We have a statement by the Iranians after leaving saying that traffic in the Strait of Hormuz is still very much paralyzed, that it's not going anywhere, that ships are not going anywhere. We know that the U.S. had stopped attacking Iran previously. But it's maintained its naval blockade on Iranian ports and Iranian ships.
Why did the U.S. pause strikes against Iran and has further military action been ruled out?
So we're still seeing very, very limited movement there. We don't have a lot of clarity on what happened in that meeting. We know that Iran has been trying to assert dominance, really, over the Strait of Hormuz.
And as Bloomberg Middle East correspondent Abir Abu Omar, in oil tumbling on the latest developments, checking oil right now, NYMEX crude oil down almost 7% at $83.15 a barrel. Brent is at $89.16, down almost 8%. President Trump plans to focus on his economic policies during a visit to suburban Detroit today. The Republican president touring a General Motors facility in Milford. He's also expected to defend his tariffs in a state where they have affected many businesses. Ukrainian President Volodymyr Zelensky is set to meet with British Prime Minister Andy Burnham at a naval base in England. Burnham said the visit today is intended to underline unwavering British support for Ukraine. Zelensky's trip is the first by a foreign leader since Burnham took office a week ago.
French President Emmanuel Macron held a crisis meeting today to address uncontrolled wildfires that have forced over 250,000 people to flee their homes. The fires, fueled by repeated heatwaves, are sparking calls for stronger climate action. Police searching for a second suspect after a gunfire erupted at a crowded food festival beneath Seattle's Space Needle. Two men and a woman died. Four were wounded, including a toddler. Another suspect was arrested. The shooting happened at the end of the annual Bite of Seattle Festival. U.S. stock index futures are on the rise this morning. S&P futures up nine-tenths of a percent. Investors will await another big week for tech earnings. Apple, Amazon, Microsoft and Meta all report the focus in large part will be on CapEx plans.
Cara Murphy is president of Kestra Investment Management.
I think these are hints that the market is giving us that they're not going to give a free pass to these names forever. We can all agree that AI is going to be a revolution. It's going to change so many things in the world.
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