US and Iran Wrangle Over Terms, Oil Rises with Hormuz Shut, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump and Iran have rejected each other's latest peace proposals to end the 10-week war as the two sides struggle to maintain a fragile ceasefire. We get the latest from Bloomberg's head of Middle East coverage, Stuart Livingstone Wallace.
I think the key points of disagreement are pretty much everything. So that is specifically over the nuclear file, what happens to the enriched, highly enriched uranium that Iran is sitting on. what happens to control over Hormuz and the blockades, the double blockade that we've witnessed over the last several weeks, what happens to the proxies, the missile program, just about everything. So as far as we can tell, there's not a lot of common ground here. They don't seem to be moving towards something that potentially, you know, sets the clock ticking for a more definitive, long-lasting peace agreement and end to the war.
That's Bloomberg's Stuart Livingstone Wallace. He says President Trump has proposed Iran reopen the Strait of Hormuz and Washington end its blockade on Iranian ports in the next month. But the Wall Street Journal reports Tehran refused the idea of dismantling its nuclear facilities, which has been a major sticking point for the U.S. Trump calling that totally unacceptable. Israeli Prime Minister Benjamin Netanyahu talked to CBS's 60 Minutes and said its war with Iran won't be over till that nuclear material is removed.
I think it accomplished a great deal, but it's not over because there's still nuclear material. enriched uranium that has to be taken out of Iran. There are still enrichment sites that have to be dismantled. There are still proxies that Iran supports. There are ballistic missiles that they still want to produce. Now, we've degraded a lot of it, but all of that is still there. and there's work to be done.
Israeli Prime Minister Benjamin Netanyahu says he'd also like to end U.S. financial support for Israel's military over the next decade. Meantime, ship signals in the Strait of Hormuz are going haywire, pointing to an increase in geolocation interference following fresh attacks by Iran in the region over the weekend. Signal jamming can complicate analysis of real-time traffic data in the Persian Gulf and the Strait of Hormuz, which is critical to understanding energy flows there. But analysts say ship captains are proactively turning to these tactics to shield themselves from being targeted by hostile forces. The war in Iran will be top of mind for President Trump as he prepares to meet with China's Xi Jinping in Asia this week.
And National Economic Council Director Kevin Hassett is hopeful. He tells Fox he expects lots of good news from this summit.
My expectation, given the strong relationship between the two presidents, is that there'll be lots of good news for American workers and firms.
Trump and Xi are expected to extend last year's trade truce. Treasury Secretary Scott Besant also making a trip to Asia this week with his first stop in Japan.
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