Proposed Iran-Oman Hormuz Deal, OpenAI's New Product, More
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What’s driving the surge in European gas prices amid Hormuz tensions?
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News when you want it, with Bloomberg News Now. I'm James Woolcock. And I'm Stephen Carroll. European gas prices are jumping as renewed tensions around the Strait of Hormuz add to concerns over winter supplies. Benchmark futures surged by over 10% across two sessions, with prices now around double their January levels. Brent crude also rose above $83 a barrel after gaining almost 4% in the previous session. The moves As followed reports Iran struck hostile targets at the entrance to the strait and is seeking to bar US and Israeli ships from the mortaway. Richard Haas, President Emeritus of the Council on Foreign Relations, says Iran is in a strong position.
And if the goal is to get the Strait of Hormuz open, which it should be, the idea that Iran would have a larger role now and I think's inevitable. Wars of consequences. We'll have to let them sell some oil as long as most of the other sanctions stay in place. I think that's probably as good as we can expect at this point.
That is the Council for Foreign Relations Richard Haas speaking on Bloomberg's balance of power there. The war has already cut off about a fifth of global LNG, making it harder for Europe to replenish inventories that recently hit their lowest seasonal level since 2009.
Extreme heat has killed more than twenty five thousand people across Europe this year, according to data compiled by Bloomberg. Germany recorded the highest toll with an estimated one eleven thousand nine hundred e excess deaths linked to heat since April, and the UK Health Secretary Yvette Cooper says thousands of excess deaths occurred in May and June.
The NHS now has to work to prepare for summer pressures in the way that we have long had to do for winter pressures. That means uh trusts having to have plans in place to deal with higher levels of demand, people coming through the door, maybe because of the heat wave.
Evett Cooper was speaking as heat waves across Europe have shattered records and dented economic output. The heat is set to build again next week with temperatures forecast to reach thirty four degrees in London and thirty eight in Paris.
AAN's posted record second quarter results with operating profit rising 11% to 4.87 billion euros. The company says stronger asset management and insurance results help drive the better than expected performance.
How might a proposed Iran‑Oman deal affect oil flow through the Strait of Hormuz?
The German insurer also owns bond manager Pimco, which attracted almost €32 billion from outside clients this quarter.
The United States is said to have blindsided the European Central Bank by selling euros as part of last week's intervention to prop up the yen. The Financial Times reports ECB officials in Frankfurt were only informed after the trade, with some senior figures viewing the move as an unprecedented breach of longstanding conventions. The Yen has since surrendered nearly half of its intervention driven gains. Bloomberg's David Finnerty says traders have no consensus on where the currency goes from here. Yeah.
The fact that Dolly Ann is back above 158, it just says a lot to the fundamentals. You can say it shouldn't be there. The market's going, but it is. And it is there because we think it should be there. So I think whatever tools they use, and rhetoric obviously is not enough, we're questioning whether intervention's even enough. The reality is that the market is so big and deep. You are fighting this wave of basically sentiment saying, well, we do think it's gonna be higher, but we're very wary that you're
Initially points to US jobs data later today is the next big test for the currency pair.
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Chapters
4 chapters
1
What’s driving the surge in European gas prices amid Hormuz tensions?
0:00–2:45
2
How might a proposed Iran‑Oman deal affect oil flow through the Strait of Hormuz?
2:45–5:29
3
What are the health and economic impacts of Europe’s extreme heat wave?
5:29–7:24
4
Why did Axa see a record‑breaking Q2 profit and what does it mean for insurers?
7:24–7:33
Speakers
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