Oil Surges Most in 4 Years, Trump: Iran Strikes to Continue, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices have surged by the most in four years as the market reacts to U.S. and Israeli military operations against Iran. WTI crude oil is up 7% right now at around $71.70 the barrel. Now, a key pressure point for energy flows is the Strait of Hormuz. It handles about 20% of the world's seaborne oil and a similar proportion of liquefied natural gas. Insurers are saying that premiums will rise sharply for any vessel wishing to transit the strait. Now, Iran has said it has no intention of shutting Hormuz, although on Sunday, Iran said it did attack three oil tankers over the course of the day. Here is Clayton Siegel, senior fellow at CSIS.
And if we're talking about 20 million barrels a day of crude and refined products that have already been bottlenecked in the Arabian Gulf and the prospect of having this go on for a month, I mean, that's 600 million barrels that could potentially be deprived to buyers around the world. That's basically a week of no oil. Wow.
And so it really has a formidable effect on price formation. Clayton Siegel there from CSIS. Meantime, three American service members have been killed in action during operations against the Islamic Republic. The US Central Command did not say where they were killed or under what circumstances. Five others were seriously wounded. At the same time, President Trump said the U.S. sank nine Iranian naval vessels. In a post earlier on Truth Social, Trump also said Iran's naval headquarters was destroyed in a separate attack. Now, these developments came during the second day of bombings across Iran. On Saturday, Iran's Supreme Leader Ayatollah Ali Khamenei and other senior leaders were killed. This was a watershed moment in the 47-year existence of the Islamic Republic.
Even so, President Trump saying tonight, the strikes will continue.
Combat operations continue at this time in full force, and they will continue until all of our objectives are achieved.
Now, these actions have drawn criticism from members of Congress. Here is Pennsylvania Democratic Congresswoman Madeline Dean.
We have not been told the president's objectives. The American people were not briefed on the president's objectives. Congress was not briefed, even though he was four days before in front of the American people and a joint session of Congress at the State of the Union address where he had, I believe, the obligation, the duty to make the case to us. Congress, we are the one who can declare war under Article I, Section 8, and he and his advisers know that. and also make the case to the American people.
That was Pennsylvania Democratic Congresswoman Madeleine Dean. Meantime, Iran's president says its new leadership council has begun working on choosing a successor to Ayatollah Ali Khamenei. Here is Foreign Minister Abbas Arachi speaking on ABC's This Week.
There is a transitional council of the president, the head of judiciary, and one jurist of the guardian council. These three would decide, are in charge right now.
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