Oil Rises on Iran, SK Hynix Misses Lofty AI Expectations, More
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What is the main topic discussed in this episode?
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices are rallying after a flare-up of military action across the Middle East. Earlier, Iran-backed militias in Iraq fired drones at oil facilities in Saudi Arabia's eastern region. And at the same time, Axios reported Iran launched missiles toward a U.S. military base in Jordan. Then we had CENTCOM reporting that all missiles targeting U.S. service members have been intercepted. And now the U.S. military is saying both American and Saudi forces have struck weapon sites used by Iran-backed militias in Iraq. President Trump and Israeli Prime Minister Benjamin Netanyahu met today at the White House. This was their first meeting since the beginning of war with Iran.
Trump also met with Ukrainian President Volodymyr Zelensky. Now, Zelensky said they discussed licenses for Patriot Interceptor production and other ideas to help Ukraine defend against Russian missile and drone strikes. These meetings, by the way, took place before the funeral service for the late Senator Lindsey Graham, where President Trump gave the eulogy.
Lindsey Graham believed in a strong America, wanted a strong America. He had unwavering faith in the righteousness of American power and prayer. He was extremely hawkish. I will tell you, he never saw war that he didn't like. Only his true friends would understand that. But he wanted it for the good of our country.
Then later in the day, the US Senate voted overwhelmingly to support legislation to allow President Trump to impose more restrictions on major buyers of both Russian and Iranian energy. Trump signaled support for this measure, which had been championed by the late Senator Graham. Here is Mark Warner, Democratic Senator from Virginia.
We will stand with Ukraine, stopping the flow of blood money fueling Russia's slaughter and its murderous invasion and bringing Putin to the table.
That is Senator Mark Warner, Democrat of Virginia. Now, this bill has a strong chance of passing the Senate this week. However, it would not become law until September at the earliest, since the House of Representatives has left for the August recess. The Senate has confirmed Jay Clayton as Director of National Intelligence. He will replace Interim Director Bill Pulte. Clayton is the former top federal prosecutor in Manhattan. His nomination process did raise concerns, however, including his refusal to say who won the 2020 election. In South Korea, chipmaker SK Hynix reported operating profit for the second quarter below expectations. In local currency terms, quarterly profit rose 557%. That was smaller than expected.
Later in the call with analyst, SK Hynix remained bullish on the outlook for memory chip demand in 2027. Here is Bloomberg's Winnie Suh.
Investors really like the fact that the company has finalized these long-term agreements with their key 10 customers. So even our Bloomberg intelligence analysts were saying that they see this growth to be more sustainable going forward from third quarter because of these longer-term contracts and that this will likely going to be able to support the key pack spending that the company has been putting in.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–4:42
2
How did recent Middle East strikes push crude oil prices higher?
4:42–4:59
3
Which Iran-backed groups conducted drone and missile attacks on Gulf facilities?
4:59–6:27
4
What was CENTCOM’s update on missiles aimed at U.S. forces?
6:27–6:54
5
How did U.S. and Saudi forces respond to weapon sites used by militias in Iraq?
6:54–7:35
6
What Senate actions and White House meetings addressed energy and Ukraine aid?
7:35–8:46
Speakers
10 identifiedMore from Bloomberg News Now
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