Oil Jumps as US Strikes Iran, US-Canada Trade War Heats Up, More
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Why did U.S. forces strike Iranian rocket launchers near the Strait of Hormuz?
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Crude oil prices are higher at this hour after U.S. forces struck Iranian rocket launchers nearby the Strait of Hormuz. This was the first U.S. military action in a month. A U.S. official said Iran's Revolutionary Guard was observed preparing to launch rockets with sea mines into the strait. Now, last week, the U.S. military completed clearing sea mines from the straits' international shipping routes. In a statement carried by Iran's state broadcaster, the Revolutionary Guard noted the martyrdom and injury of several of its fighters and compatriots. The statement also said the attack will result in the punishment of the aggressor. Google Maps has relabeled Lake Ontario as Lake America for users in the U.S.
Now, this follows an executive order from President Trump renaming the lake given escalating trade tensions with Canada. Google Maps says the decision was prompted by a change in the official U.S. government geographic naming system. Now users in Canada will continue to see the body of water labeled as Lake Ontario, while the rest of the world will see both names displayed. In Canada, the premier of Ontario province, Doug Ford, ridiculed President Trump for ordering the name change. Ford also said both the U.S. and Canada will suffer if their trade war continues.
We're allies. We're best friends. Our trading is so integrated. We need to get a deal that's beneficial for both countries. And you'll see both countries thrive and prosper and grow. That's what we want.
Even so, Canada's Prime Minister Mark Carney has said trade talks with the U.S. are unlikely until after the U.S. midterm elections. The Trump administration is planning to impose sanctions on another bank in an attempt to clamp down on transactions with Iran. Tonight, in an interview with the AP, Treasury Secretary Scott Besant said this is going to be financial violence if we have to. Last week, Besant promised an economic onslaught against Iran and its trading partners, but so far, countries with ties to Tehran have shrugged off that threat. Iranian bank branches remained open in Dubai, and at the same time, commercial flights continued between Iran and Turkey, as well as Iran and the United Arab Emirates.
Last week, Beijing issued a defiant warning to Washington rather than back down. Incidentally, China buys 90% of Iran's crude oil. And staying with oil, today President Trump said the U.S. is planning to use its control over Venezuelan crude to refill U.S. emergency reserves. Now, the U.S. Strategic Petroleum Reserve currently holds nearly 290 million barrels of oil. That's roughly 40% of its capacity. This reflects a drawdown from both Presidents Trump and Biden. We got reaction from Bloomberg senior editor Wendy Benjaminson.
President Trump believes that the agreement to control the oil of a sovereign nation of Venezuela will certainly help the U.S. control gas prices. That's what he's telling the public. However, the oil from Venezuela is not ready to be refined and produced or even drawn out of the earth. So it could be years before the U.S. sees any of this Venezuelan oil.
That is Bloomberg's Wendy Benjaminson. The meeting of finance ministers from G20 nations starts tomorrow in Asheville, North Carolina. They will be joined by journalists from news organizations around the world, with a few exceptions. Here's Bloomberg's Ed Kalecki.
When leaders from the world's most powerful countries gather, they will be joined by throngs of journalists from newsrooms around the globe. Missing from them, though, will be several reporters from three of the largest newsrooms in the U.S. The Department of Treasury has not granted credentials to individual reporters for The New York Times, The Wall Street Journal and Bloomberg News to cover the event. A spokesman for the Treasury Department said in a statement that the department would be welcoming nearly 300 members of the media
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