NYC Officials: High Rise Dangerous, Unstable, US Revokes Iran's License to Sell Oil, More
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News when you want it with Bloomberg News Now, I'm Amy Morris. Officials say a Manhattan high-rise now evacuated is unstable and still moving. FDNY Chief John Esposito.
So we have specialized tools that we can watch the building from and see movement even in centimeters or fractions of an inch. And since we arrived on the scene and put that in place, we have seen continual movement. It does mean that it is not yet stable. It is still a very serious and dangerous situation.
The building is the former Pfizer headquarters, which is being converted into residential units. Nathan Berman, the CEO of the developer Metroloft, downplayed officials' concerns, calling them very small, saying that the incident will set back the timeline for the project by a few weeks. Berman says, quote, at no time was the building at risk of collapsing. Department of Buildings Commissioner Ahmad Tigani explains the next steps.
What we are focused on and what we feel like the next step is, is making sure we can get into that 21st floor to add additional emergency trusses to spread that load and be able to move on with the investigation.
The developer says two columns in the northwest corner of the building had not been adequately reinforced. That caused the supports to buckle and the floor to sag. Turning now to the Middle East, the Treasury Department has revoked a general license allowing for the production, delivery and sale of crude oil, petrochemical products and petroleum products of Iranian origin. Treasury says that revocation is effective today. as the wind down begins through July 17th. Hormuz has seen its biggest day of attacks since the U.S.-Iran peace deal. The British military says at least two tankers were struck by projectiles. Admiral Daryl Caldwell is chief of naval operations and says even with the war in Iran, they are not running low on munitions.
Navy's in pretty good shape. But all of us are moving toward a lower-sized munition where we're actually matching better the threat of a one-way attack with a weapon that's more in line with that and, quite frankly, more capable to take that out. Our learning curve is very high on matching the threat to the missile system. That's going to give us the breathing room to get our big missiles back in inventory.
Hear the full interview with Admiral Daryl Cottle on Bloomberg this weekend. Oil prices are higher, WTI at $72 a barrel, Brent crude nearly $76 a barrel, both more than 5% higher. NATO allies have agreed to at least $50 billion in defense industry deals to show President Trump that Europe is heeding his spending demands. And allies are close to a landmark agreement to extend a Cold War-era fuel pipeline network to Eastern Europe and Turkey. While at the NATO meeting, President Trump indicated he may try to reverse a ban on Turkey, buying F-35 fighter jets from the U.S.
What are the concerns regarding the unstable Manhattan high-rise?
Why wouldn't we do that? We have a better relationship with Turkey, and Turkey's been in many ways much more loyal than other countries that we think would be loyal. So, yeah, something certainly we would consider.
The potential sale of F-35s to Turkey would be a major win for that country, but may face pushback in the U.S. and could violate the law that Trump had signed. Trump added that had the NATO summit not been held in Turkey, he might not have attended. Ukrainian President Vladimir Zelensky urged NATO allies to increase their supply of Patriot missile systems, which he said were excellent, just not enough. He argued that today's wars have shown more needs to be done to protect against ballistic missiles.
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