Trump Heads to NATO Summit, FIFA Allows Balogun to Play, More
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What global growth opportunities are emerging in Africa?
A new chapter in global growth is being written and much of it is happening in Africa. Africans need to invest. There are deals to be done and business to be won. I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future. The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa. Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Karen Moscow.
And I'm John Tucker.
Well, John, we begin with the crucial NATO summit in Turkey. President Trump heads to Ankara tonight as tensions rise over Ukraine, Iran and military spending. We get more with Bloomberg's Dan Williams in Jerusalem. Turkey has the second biggest military in NATO after the United States. And we have a U.S. president who's quite openly looking to draw down the U.S. presence in NATO, the U.S. contribution, certainly when it comes to Europe. That's something that's really troubled European powers, not least given what is perceived as a rather warm approach that Trump has been taking to the Russian president. Bloomberg's Dan Williams reports the U.S. has unsettled its allies in recent months with shifting announcements about reducing its military presence in Europe.
Washington has said it will withdraw about 5,000 troops from the continent and reduce the military assets it would provide in the event of a crisis.
And Karen asked for the war in Iran over the weekend. The country's top leadership gathered for funeral prayers honoring Ayatollah Ali Khamenei. The mourners filled the streets chanting death to America and death to Israel. This funeral comes as the U.S. continues negotiations with Tehran aimed at reopening the Strait of Hormuz and curbing Iran's nuclear program. We also heard from the Israeli Prime Minister Benjamin Netanyahu. He spoke with Fox News yesterday discussing his excellent relationship with President Trump.
Deal or no deal, as long as I'm prime minister, Iran will not have nuclear weapons. We've been very lucky that President Trump is leading the United States, leading the free world in this common effort. And believe me, if I have things that I want to point out to him and bring my own opinions, I do so in a free way. And when he has things he wants to tell me, he does that in a free way, too. That's what friends and allies do with each other.
What issues are expected to dominate the NATO summit?
Israeli Prime Minister Netanyahu making the comments despite President Trump recently telling Axios that Netanyahu, quote, knows who the boss is in reference to the war with Iran.
Meanwhile, John, oil is fluctuating at a narrow range as flows through the Strait of Hormuz persisted and OPEC Plus signaled higher supplies. Oil and gas shipping in the Strait is showing signs of recovery after a number of recent unexplained detours over the weekend. Bloomberg's Michael Heath says the future of the vital energy corridor remains unclear.
How is President Trump's military strategy affecting NATO relations?
Some countries have been trying to move oil out that side as well. And in the meantime, as you say, there's been some U-turns by tankers that have been taking the Omani route through Hormuz. So there is still a lot of uncertainty about how that's all going to work out.
Bloomberg's Michael Heath says over the weekend, several vessels performed unexplained U-turns and detours in the energy choke point, and four of them then sailed northward toward the Iranian route and exited the Strait. And checking the price of oil right now, West Texas Intermediate down six-tenths of a percent at $68.25 a barrel. Brent, it's at $71.58.
And Karen, elsewhere overseas, Russia launched fresh waves of missiles and drones at Kiev overnight, killing at least 11 people. These strikes come on the eve of the NATO summit, where President Trump is expected to meet with his Ukrainian counterpart, Volodymyr Zelensky. And Ukraine over the weekend hit power sites across Crimea, deepening the energy crisis in the Black Sea Peninsula.
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