Trump's Iran Threat, UAE Seeks UN Resolution on Hormuz, More
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News when you want it with Bloomberg News Now. I'm Caroline Hepker. Five weeks into the war with Iran, President Trump has delivered a primetime address in which he said that the U.S. operation is close to completion, whilst also pledging more aggressive action.
What recent actions has President Trump taken regarding Iran?
The speech came as the president is grasping for an off-ramp in a conflict that has quickly slipped out of control. But rather than reassure markets that he could bring the war to a swift end, Trump's remarks appear to have rattled investors.
We are on track to complete all of America's military objectives shortly, very shortly. We're going to hit them extremely hard over the next two to three weeks. We're going to bring them back to the Stone Ages where they belong.
Those comments sent the price of crude soaring and stocks tumbling in Europe and in Asia. Treasury yields have climbed in tandem with the dollar. President Trump also said that the Strait of Hormuz would reopen naturally once hostilities subside without providing details. as he offered no concrete plan for reopening the waterway. And he pledged to take more aggressive action if Iran does not negotiate a ceasefire with the US.
If during this period of time no deal is made, we have our eyes on key targets. If there is no deal, we are going to hit each and every one of their electric generating plants very hard and probably simultaneously. We have not hit their oil, even though that's the easiest target of all, because it would not give them even a small chance of survival or rebuilding. But we could hit it, and it would be gone, and there's not a thing they could do about it.
The president also did not present any new arguments or explanations for the war. Instead, he reiterated his desire to destroy Iran's military and nuclear capabilities.
How are Trump's remarks affecting global markets?
Now, ahead of Trump's address, Iranian President Massoud Pazeshkian took the unusual step of releasing a letter addressed to Americans arguing that his country has no enmity towards the United States, never initiated any war in his words. and advising Americans to look beyond political rhetoric. Overnight, Iran and Israel traded aerial strikes, while the United Arab Emirates also reported missile interceptions. US allies, meanwhile, are meeting to prepare a diplomatic outreach to Iran, which is starting to operate the Strait of Hormuz as a tollbooth. A Bloomberg investigation reveals how Iran-friendly tankers are being given secret codes and charged about a dollar per barrel of oil transported for safe passage.
Reopening the strait has become a key priority for governments around the world, with UK Prime Minister Keir Starmer pushing for talks.
We're exploring each and every diplomatic avenue that is available to us. And the UK has now brought together 35 nations around our statement of intent to push as one for maritime security across the Gulf.
The British leader has been a frequent target of the White House for refusing to join the war. Those talks that Starmer refers to are happening late today here in London and the US is not expected to be attending them. The summit comes as the United Arab Emirates has called on the UN to authorise measures including the possible use of force to reopen the Strait of Hormuz. In a letter dated Tuesday, the UAE said, cites a UN provision allowing the Security Council to respond to threats to peace or acts of aggression through measures such as military action, economic blockades or the severing of diplomatic ties. The proposal would not establish a new UN mission. However, UN approval could provide diplomatic backing for Gulf states if they choose to undertake military operations or form a naval task force to reopen the strait and secure the waterway after the conflict.
Well, European leaders are also concerned that President Trump could withdraw from NATO and that that could erode the alliance at a critical moment in its history. When asked by the Telegraph newspaper if President Trump would consider putting the U.S. out of the treaty, Trump said, Oh, yes, I would say it's beyond reconsideration.
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