Trump's Iran Blockade Threat, McIlroy Wins Masters, More
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Vanguard Marketing Corporation Distributor. US President Donald Trump says the US will blockade the Strait of Hormuz after talks collapsed. The US and Iran failed to reach a deal during marathon talks in Pakistan over the weekend due to differences over the future of Iran's nuclear programme and jeopardising a ceasefire reached last week. Trump told reporters he didn't mind that 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 added 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 at Iran will be allowed to pass. Iran's foreign minister, Basar Aghchi, says that 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 jumped by 7.4% to just above $102 a barrel on the news, with European gas futures also soaring. 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.
Sen added 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. The Bloomberg Dollar Spot Index rose as much as half of 1%, a headwind for gold that is priced in dollars.
President Trump noted the UK would be sending minesweepers and suggested allies would help with the blockade. But the British government says 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 Streeting 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 reading added that the US president had said outrageous and incendiary things on social media. The split between the two close allies comes as the Resolution Foundation think tank forecasts the Iran war will mean a year where living standards fall for British households.
Hungary's next prime minister has outlined planned sweeping changes after ending Viktor Orban's 16 years in power. Peter Mayer says that the overwhelming victory of his teaser party establishes a mandate to dismantle an increasingly authoritarian system and bring Hungary back into the European fold.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–4:40
2
What are the implications of Trump's Iran blockade threat?
4:40–7:50
3
What caused the breakdown of US-Iran talks?
7:50–8:17
4
How is the blockade affecting global energy markets?
8:17–8:54
5
What are the latest developments in the Brent crude market?
8:54–9:00
Speakers
10 identifiedMore from Bloomberg News Now
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