Trump Says Hormuz Now Open, Oil Rises on Elusive Iran Pact, More
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News when you want it with Bloomberg News Now I'm Doug Krisner and we begin with the war in Iran. Earlier today, President Trump lashed out against Tehran's demands for war compensation as part of talks to wind down the conflict. Speaking in the Oval Office, Trump proclaimed the US now controls the Strait of Formuz.
The only one that has control of the Strait of Hamuz right now is the United States Navy. We have a blockade that's been infallible. It's a steel wall. And we let people in that we want to let in and those people come in and They've been coming in and they're going out, so it's actually open now.
Now Trump also signaled he's prepared to allow economic pressure on Iran to build rather than launch fresh military strikes to force a reopening of the strait. Speaking to the news site Axios over the weekend, Trump pointed to financial woes for Iran linked to the U.S. naval blockade. Meantime, Tehran's demand for a full reopening include the U.S. lifting its naval blockade on Iranian ports as well as the Release of frozen assets and that compensation for war damage. Crude oil surged today with WTI jumping by more than five percent to just above eighty-two dollars, and that rally sparked worries over inflation just days ahead of key price readings. On Wednesday, the government will report on July consumer prices.
Julie Beal is the chief market strategist at Kane Anderson Rudnick.
But I do think that the geopolitical overlay is important to the extent that you have a Fed that's starting to lose its patience a little bit in terms of how long we're willing to let one time drivers of higher prices continue to just ladder onto each other. And at some point you have to say, Gosh, we really need to get more price stability. It is really damaging the consumer's ability to pay for things.
That is Julie Beale of Kane Anderson Rudnick speaking earlier to Bloomberg. The equity market wavered today and bond yields moved higher. President Trump has extended a waiver allowing foreign ships to transport oil and other commodities around the U.S. for an additional ninety days. Now normally the Jones Act of nineteen twenty forces goods carried between U.S. domestic coastal ports to be transported on U.S. US vessels. However, the war with Iran has tested those restrictions. Here is Bloomberg's Michael McKee.
That raises the cost of transport transporting things inside the United States. So with the war driving up costs, especially for not just energy, but other commodities, the president had waived the Jones Act and said anybody can transport this stuff, which had a minor effect on the cost of energy and gasoline. And now he's renewed it for ninety days, but he's taken some of the commodities that were covered on it out.
Bloomberg's Michael McKee. President Trump has signed an executive order to recommend breaking up the combined vaccines against measles, mumps, and rubella into three separate shots. Now this marks an overhaul of the national recommendations for childhood vaccinations. Health Secretary Robert F. Kennedy Jr. joined President Trump today for an announcement in the Oval Office.
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