Trump: Iran Ceasefire is Weakened, Oil Climbs on Iran Deadlock, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. The ceasefire between the U.S. and Iran is on, quote, life support after President Trump rejected Tehran's latest peace offer.
Unbelievably weak, I would say. I would call it the weakest right now after reading that piece of garbage they sent us. I didn't even finish reading it. I said, I'm not going to waste my time reading it.
We're told Iran responded to the U.S. peace proposal by demanding a lifting of Washington's naval blockade and sanctions relief while maintaining control over traffic through the Strait of Hormuz. Trump did not indicate whether the U.S. would resume military attacks on Iran, as he previously has threatened if the Islamic Republic's leadership didn't agree to his terms. Iran says it has deployed small submarines to act as a, quote, invisible guardian of the Strait of Hormuz amid rejected peace deals with the U.S., The submarines, known as Ghadir-class midget subs, are noisy and have maintenance issues, and their crews have limited experience. Iran's decision to deploy the submarines came as President Trump told Fox News he was considering a revival of a plan to use the U.S.
military to escort ships. The United Arab Emirates has carried out military strikes on Iran. That's according to a report from The Wall Street Journal. The strikes, which the UAE has not publicly acknowledged, have included an attack on a refinery on Iran's Lavan Island in the Persian Gulf. That attack took place in early April, around the time President Trump was announcing a ceasefire in the war after a five-week air campaign and sparked a large fire knocked much of its capacity offline for months. And oil climbing today after the U.S. and Iran failed to agree on those terms to end their war. Senior analyst Salih Yilmaz with Bloomberg Intelligence.
Even when the strait is reopened and the vessels start moving again and the production starts coming back, we know that it's not going to go back to pre-war levels right away. And it's going to be very important to assess the damage to see what level we can go back to.
Salih Yilmaz is with Bloomberg Intelligence. President Trump voicing support for a gasoline tax holiday to counter rising prices at the pump. Trump telling reporters he'll seek to suspend the federal 18.4 cents a gallon tax on gasoline, quote, until it's appropriate, though it's unclear how much of the tax cut would reach consumers at the pump. Here's Bloomberg Intelligence Senior U.S. Policy Analyst Nathan Dean.
Even if it were to pass, I mean, the average price of gas right now is for over four and a half dollars. We're only talking about a four percent relief here. That's right. And so, like, you know, I sent this to our energy analysts and I was like, oh, great. We got this new bill that Senator Hawley's talking about. Yeah. What can we do?
And we essentially got a big yawn from the energy teams. That's Bloomberg Intelligence Senior U.S. Policy Analyst Nathan Dean. Pausing the gasoline tax would require an act of Congress.
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