Oil Rises on Iran Tensions, US-China Tariffs Cut List, More
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What’s driving the recent rise in oil prices amid Iran‑U.S. tensions?
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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 UN Mike Waltz speaking on NBC's Meet the Press.
You know, this was, I think, a pretty cynical attempt to put something on the table that they knew was unacceptable.
How did President Trump’s rejection of Iran’s Strait of Hormuz proposal affect markets?
Uh the to ask for the release of the blockade, the sanctions, international sanctions, and uh access to billions in assets just to talk when we entered into uh a memorandum agreement just a few months ago when it was immediately violated by a tax. lacking international shipping, I think it's kind of common sense that the president doesn't have a lot of confidence this time.
That is US Ambassador to the UN 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. Well 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 near no uh with no reason, this is their 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 mediator.
That is Iranian Foreign Minister Abbas Sarachi speaking on NBC's Meet the Press. The US and China have released a list of products recommended for reduced tariff treatment on a reciprocal basis. This includes lower tariffs on roughly thirty billion dollars in goods imported into each country.
What are the key details of the new U.S.–China reduced‑tariff product list?
And the two sides also agreed to establish an agriculture working group that will meet before the end of the year. Here is Dan Wong. China Director at the Eurasia Group.
Last year was really the turning point. Uh as soon as Trump launched the Liberation Day tariff, actually he realized the trade sanction didn't work on China. So this year, if you look at what the US side has been demanding, it's essentially all those short-term purchase agreements that they hope China could comply. But from the China side, these are just a short-term concession they could make. Their focus is more on the long term strategy like the positioning of the China US relation and the Taiwan issue.
That was Dan Wong, China Director at the Eurasia Group. Meantime, President Trump and Xi Jinping will reportedly meet two more times this year after last week's summit in Washington, the FT saying the presidents will meet at the Asia Pacific Economic Cooperation Forum in Shenzhen in November and the G twenty meeting in Miami in December. 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 R.A.F. Fairford. It is a UK-owned base operated by the U.S. 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.
offences under the UK's Explosives Act, they were separately arrested on suspicion of preparing a terrorist act.
Why were five men arrested near the U.K. RAF base used by the United States?
Here is counselor for Cotstwall 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.
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Chapters
6 chapters
1
What’s driving the recent rise in oil prices amid Iran‑U.S. tensions?
0:00–0:55
2
How did President Trump’s rejection of Iran’s Strait of Hormuz proposal affect markets?
0:55–2:24
3
What are the key details of the new U.S.–China reduced‑tariff product list?
2:24–4:00
4
Why were five men arrested near the U.K. RAF base used by the United States?
4:00–5:09
5
Is a U.S. diesel‑fuel export ban likely to lower gasoline prices?
5:09–6:50
6
What recent AI‑related security breaches prompted OpenAI to pause its models?
6:50–7:43
Speakers
7 identifiedMore from Bloomberg News Now
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