US and Iran Prepare for Deal Signing, SpaceX Soars, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
All right, Karen, thanks. Let's get to the latest now from the G7 leaders summit in Evian, France, where President Trump has been meeting with allies touting his interim deal with Iran to reopen the Strait of Hormuz. He just wrapped up a bilateral meeting with the Emir of Qatar and talked about next steps with Iran.
The one thing that's happening that's of note, frankly, the only thing that really matters to me is Iran will never have a nuclear weapon. And it says it loud and clear. They're not going to develop it. They're not going to buy it. They're not going to do anything with it. And if they do, they suffer unbelievable consequences. Not just a little bit like I won't even tell you the consequences, but the consequences are the ultimate consequences. And with that being said, I hope we have a very good relationship.
And alongside President Trump, Qatar's Emir said, quote, there's still a lot of work to be done. Vice President J.D. Vance has been making the rounds on TV to defend the U.S. deal.
The Iranians don't get a dime unless they behave and change their behavior. And this means that Iran will never have a nuclear weapon.
You say they don't get a dime. Do they ever get an American dime, a taxpayer dollar?
No. So, number one, first of all, they never get a dime of American taxpayer money, ever. Full stop. Not even close.
Vice President J.D. Vance spoke with Fox News host Sean Hannity. Vance is expected to represent the U.S. when the deal is signed on Friday.
Well, Nathan, despite those assurances from President Trump and Vice President Vance, European leaders are sounding less optimistic about the Strait of Hormuz reopening by Friday.
What recent developments are there in the US-Iran deal?
Bloomberg Chief Europe Correspondent Oliver Crook is covering the G7 in Evian.
There's also this effort by European leaders and their militaries to potentially have this demining mission that would go to the Strait of Hormuz. But they say they can really only do that once they understand this peace deal and once there is, you know, an actually durable peace deal. There's also a real question about whether or not some of these leaders, like Georgia Maloney, has suggested that she doesn't really want to participate in anything until there's a full deal that also includes Lebanon. So these are some of the concerns I think the G7 leaders will be having today.
Bloomberg's Oliver Crook reports some senior administration officials are saying it could take up to two weeks for shipping to increase through the Strait and even longer to return to pre-war levels. And today there's also a focus on Ukraine along with Iran. Ukrainian President Volodymyr Zelensky is in Evian. He had a morning session focused on his country's war with Russia and meets again with President Trump later today.
And Karen, the slide in oil continues this morning. West Texas Intermediate's down 2.3%, just shy of $79 a barrel. Brent's trading above $81. That's a drop of 2.2%. Oil's now headed for its longest losing streak of the year, down four days in a row. And both Morgan Stanley and Goldman Sachs have cut their price outlooks for the coming quarters. In fact, Goldman predicts Persian Gulf exports will reach pre-war levels by the end of next month.
Well, we have some other news this morning, Nathan, with eight people dying after a B-52 bomber crashed shortly after takeoff from a U.S. Air Force base in Southern California. The aircraft was on a routine test mission when the incident occurred.
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