Trump Mulls US-Iran Deal, Blue Origin Rocket Explodes, More
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg.
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News when you want it with Bloomberg News Now. I'm Karen Moscow.
And I'm Alexis Christophorus. Here are the stories we're following today.
Alexis, the U.S. and Iran have reached a tentative agreement to extend their ceasefire by 60 days. Sources say further talks on Tehran's nuclear program would continue during the extension period. While the agreement has yet to be signed off by President Trump, the news has raised hopes that the three month conflict could be nearing a resolution. Vice President J.D. Vance told reporters that progress is being made.
If you look at what we've already accomplished here, assuming that we're able to get to a final agreement here, we're reopening the Straits of Hormuz. We've already decimated their conventional military. And we're in a position where we can substantially set back their nuclear program, not just during the term of this president, but over the long term. That's a very, very good thing for the American people. So we're not there yet, but we're very close. We're going to keep on working at it.
Vice President J.D. Vance says Iran appears to be negotiating in good faith, and we get more on the deal with Bloomberg Middle East correspondent Jumana Bersetchi.
Certainly, we've been here before. There have been multiple reports of the two sides getting closer and closer and closer to a deal. The reaction in the market becomes less pronounced. I would say, though, that this time does feel a little bit different because you have so many Gulf Arab states also participating in the mediation attempts. And it seems as though from the language of the likes of the Treasury Secretary, Scott Besson overnight, J.D. Vance as well, that this time we really are very, very close.
Bloomberg Middle East correspondent Jumana Bersetchi says the proposal would guarantee that shipping through the Strait of Hormuz remains unrestricted.
And Karen, that news has oil once again lower this morning. Right now, we've got Brent trading at 93.30 a barrel. West Texas Intermediate crude at 88.25 the barrel. Crude has weakened in May on speculation that some form of a peace deal would be reached between the U.S.
What tentative agreement have the U.S. and Iran reached?
and Iran. Brent is down about 19 percent this month. That's its biggest monthly drop since 2020.
Well, Alexis, we are following another developing story this morning. Blue Origin's new Glenn rocket has exploded in a massive fireball while undergoing a test on a Florida launch pad. It's a major setback for the Jeff Bezos-backed firm in its efforts to challenge SpaceX. Benedict Campbell is Bloomberg's managing editor for space and aviation.
No harm to human life, it should be said. So this happened during sort of the fueling sequence. They were preparing for a launch in the next couple of days. We've heard from Jeff Bezos, who's called it a very rough day, but he's also vowed to rebuild whatever was broken. He said it's worth it. It's a reminder that space is hard and getting rockets up there are complicated and things do go wrong.
And Bloomberg's Benedict Hamill says the firm was preparing the vehicle for its fourth launch, which was slated to deploy a batch of satellites for Amazon's Leo, a rival network to SpaceX's Starlink. None of the satellites were on the rocket when it exploded.
And Karen, Bloomberg News has learned SpaceX is cutting its valuation goal in its impending IPO. John Tucker joins us now with the very latest. Good morning, John.
Good morning, Alexis. Yeah, it's a little more down to earth, our sources tell us. The company now targeting a valuation of $1.8 trillion. That's down from the $2 trillion the sources told us about last month.
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