US and Iran Ceasefire Deal, Blue Origin Rocket Explodes, More
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What is the main topic discussed in this episode?
The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg. Forget healthspan. Midlife men face pressure to extend hotspan.
Hotspan. Hotspan, yes. So millennial men, you have to stay hot for like several more decades, David, okay?
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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 into Iran's nuclear program would continue during the extension period. While the agreement is 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 could 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.
And Vice President J.D. Vance says Iran appears to be negotiating in good faith. 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 edging 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 Jumanda Berset, she says the proposal would guarantee that shipping through the Strait of Hormuz remains unrestricted.
What is the latest update on the US and Iran ceasefire deal?
And Karen, that news has oil once again lower this morning. Right now, Brent crude at 92.29 a barrel, down 1.5%. West Texas Intermediate Crude also down 1.5%, trading at $87.55 a barrel. Crude has weakened in May on speculation that some form of a peace deal would be reached. Brent is down about 19% this month alone, its biggest monthly drop in six years.
What are the implications of the tentative agreement on Iran's nuclear program?
Well, Alexis, we're 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.
Bloomberg's Benedict Campbell 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.
And Alexis, it's a little more down to earth. Our sources tell us the company now targeting a valuation of $1.8 trillion.
How does the US plan to address Iran's military capabilities?
That's down from the $2 trillion the sources told us about last month.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:07
2
What is the latest update on the US and Iran ceasefire deal?
2:07–2:31
3
What are the implications of the tentative agreement on Iran's nuclear program?
2:31–3:46
4
How does the US plan to address Iran's military capabilities?
3:46–7:01
Speakers
9 identifiedMore from Bloomberg News Now
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