Oil Rises After Trump Rebuffs Iran, UK Air Bases Incident, More
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Why did crude oil prices rise after President Trump rejected Iran’s Strait of Hormuz proposal?
When the economic news gets to be a bit much, listen to The Indicator from Planet Money. We're here for you, like your friends trying to figure out all the most confusing parts. One story, one idea, every day, all in 10 minutes or less. The Indicator from Planet Money, your friendly economic sidekick from NPR.
News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices are trading higher at this hour. This is after President Trump rejected a seven-day proposal from Iran to reopen the Strait of Hormuz. Here is U.S. Ambassador to the U.N. Mike Waltz speaking on NBC's Meet the Press.
This was, I think, a pretty cynical attempt to put something on the table that they knew was unacceptable. To ask for the release of the blockade, the sanctions, international sanctions, and access to billions in assets just to talk when... We entered into a memorandum of agreement just a few months ago when it was immediately violated by attacking international shipping. I think it's kind of common sense that the president doesn't have a lot of confidence this time.
That is U.S.
What are the implications of the UK arrests near RAF Fairford for U.S.–Iran tensions?
Ambassador to the U.N. Mike Waltz speaking on NBC's Meet the Press. Meantime, Axios reports President Trump is expecting negotiations to resume this week. In Iran, Foreign Minister Abbas Arachi said Tehran is prepared to resume fighting, although it's not yet abandoned diplomacy. Here is Arachi speaking on NBC's Meet the Press.
We stand firm in the face of any aggression against us, even if it comes to a doomsday war. At the same time, we are ready for diplomacy. But, and now there is a very reasonable plan on the table. If they reject it for no reason, this is their fault. And I have to say that although we heard from President Trump that he is rejecting this deal, but we are still waiting for an official response through the mediators.
That is Iranian Foreign Minister Abbas Arachi speaking on NBC's Meet the Press. In the UK, five men have been arrested near an airbase used by the United States. The London Metropolitan Police received a call overnight related to three suspicious vehicles traveling toward RAF Fairford. It is a UK-owned base operated by the US and it's been used in the strikes against Iran. Authorities are investigating whether there has been any involvement on the part of the Iranian state. Now, the suspects were arrested on suspicion of offenses under the UK's Explosives Act.
How might a U.S. diesel export ban affect gasoline prices and the broader energy market?
They were separately arrested on suspicion of preparing a terrorist act. Here is Councillor for Cotswold District, Tristan Wilkinson.
There was a specific threat about six weeks ago from the Iranians on this base. At the time, there was an increased surveillance around the area. This is an operational base. It's no secret that we have American bombers here that are taking part in what's happening in the Middle East at the moment.
That is Tristan Wilkinson, councillor for Cotswold District in the UK. Now, British authorities say the investigation is ongoing and a different motive could emerge. Meantime, President Trump hailed the arrest and he suggested the suspects had been under investigation by both British and US authorities. President Trump says he's looking very seriously at implementing a US ban on diesel fuel exports as a way of combating higher prices.
thinking about it very seriously, that can oftentimes lead to a little bit of an increase on gasoline for cars.
Trump's remarks come after members of his administration continue to focus on other possible steps. Meantime, oil industry CEOs are pushing for a suspension of the federal diesel fuel excise tax. They say it would ease prices without creating the drawbacks of an export ban. The U.S. stance on Taiwan is unchanged after last week's state visit from Chinese President Xi Jinping.
What does the approved $11 billion arms sale to Taiwan signal about U.S.–China relations?
That's the message from the Trump administration. U.S. Ambassador to China David Perdue says the $11 billion sale of U.S. arms to Taiwan has been approved. Here is Perdue speaking to Fox News Sunday.
There are continuing conversations about other sales. He and President Xi talk about that every time they get together.
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Chapters
7 chapters
1
Why did crude oil prices rise after President Trump rejected Iran’s Strait of Hormuz proposal?
0:00–1:11
2
What are the implications of the UK arrests near RAF Fairford for U.S.–Iran tensions?
1:11–2:34
3
How might a U.S. diesel export ban affect gasoline prices and the broader energy market?
2:34–3:59
4
What does the approved $11 billion arms sale to Taiwan signal about U.S.–China relations?
3:59–4:49
5
Why are tech leaders, including Bill Gates, urging new AI safety regulations now?
4:49–6:10
6
What are the latest developments in the OpenAI security breach and model‑pause controversy?
6:10–7:27
7
How is the September nor’easter expected to impact travel and weather on the East Coast?
7:27–8:16
Speakers
7 identifiedMore from Bloomberg News Now
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Axios: Trump Expects Iran Talks This Week, UK Air Base Arrests, More
Iran Won't Soften Demands, UK Air Base Incident, More