Trump's Hormuz Blockade Threat, McIlroy Masters Title, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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President Donald Trump says the US will blockade the Strait of Hormuz after talks with Iran collapsed. The two sides failed to reach an agreement during marathon discussions in Pakistan over the weekend. That was due to differences over the future of Iran's nuclear programme. Trump told reporters he didn't mind that the talks had failed.
I don't care if they come back or not. If they don't come back, I'm fine. Their military is gone. Their missiles are largely depleted. The manufacturing capability for missiles and drones is largely defeated.
The U.S. president there who added that the blockade will apply to ships entering and exiting Iranian ports from 10 a.m. Washington time today, that's 3 p.m. in London. Other ships that aren't stopping in Iran will be allowed to pass. Iran's foreign minister, Abbas Araghchi, says talks broke down because of America's shifting goalposts and maximalist demands. The developments put the current two-week ceasefire in doubt.
The blockade threatens to prolong and widen a war that has led to thousands of deaths and upended global energy markets. Brent crude is up almost 7% today, close to $102 a barrel. European gas futures also rising sharply, up by almost 9%. Energy Aspects founder Amrita Sen says markets have been in denial.
You know, what surprised me in this market is this consistent belief. I would say a lot of the macro traders have that somehow there will be a resolution because the alternative is just too difficult to fathom, too difficult to kind of really think through and say, OK, what does this do to the global economy? I don't disagree with that, except that that's not the reason why the straight is shut to begin with.
Amrita Sen adds that much of the supply shock damage has already been done, calling it the biggest energy shortfall in history. Stocks and bonds fell around the world as traders priced in higher energy prices and their knock-on effects on inflation and growth.
Now, President Trump noted that the UK would be sending minesweepers and suggested that allies would help with the blockade. But the British government says that it won't be part of the naval effort, adding that its ships will only get involved if there is a viable plan. Speaking before the blockade was announced, UK Health Secretary Wes Tweeting acknowledged relations with America have deteriorated.
The difference of agreement with Iran has undoubtedly strained things with the Trump administration. But on so many other things, our interests as the UK and the US are intertwined.
West Streeting there, who added that the US president has said outrageous and incendiary things on social media. The split between the two close allies comes as the Resolution Foundation think tank forecasts that the Iran war will mean a year where living standards fall for UK households.
Hungary's next prime minister has outlined plans for sweeping changes after ending Viktor Orbán's 16 years in power.
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