July 13, 2026: US Hits Iran With More Strikes, Oil Prices Respond, More
episodePreviously titled “US Attacks on Iran Conclude, Oil Prices Respond, More” — renamed by the publisher on Aug 2, 2026
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Crude oil prices are higher at this hour after Iran launched retaliatory strikes aimed at its Gulf neighbors. Now, those actions came in response to five hours of U.S. military strikes on Iranian targets, strikes which CENTCOM says have concluded. The U.S. struck coastal defense systems as well as missile and drone sites and maritime capabilities. Separately, according to Politico, President Trump formally notified lawmakers over the weekend that the U.S. is once again at war with Iran. So now the administration has another 60-day window in which to use military force in the region without congressional approval. Also today, Trump said the U.S.
would reinstate its blockade of Iranian vessels transiting the Strait of Hormuz, and he demanded a 20% fee on all other oil cargo through the waterway as reimbursement. Here is Bloomberg's Jeff Mason.
And the president is sort of uncharacteristically also engaging with Congress and saying we are back at war and alerting them to that, which he did not do the first time. So that was the reason or the thinking behind my question today. And his answer was pretty open ended. And he was pressed on that by another reporter as well. And he said what he has said before when pressed about the length of the war, which is that he doesn't think that this is comparatively very long because other wars were so much longer. And he talked about the Vietnam War today having been so long. So that doesn't give a whole lot of clarity to the markets or anyone else who's paying attention about what his intentions are, other than to say right now it's pretty open-ended.
What happened during the U.S. strikes on Iranian targets and how did CENTCOM describe them?
That is Bloomberg's Jeff Mason. At the same time today, U.S. Central Command said its forces will enforce the blockade of Iranian ports beginning on Tuesday afternoon at 4 p.m. Eastern time. Crude oil prices rallied in response to this news as the market priced in a likely slowdown in tanker traffic through Hormuz. In New York trading, WTI climbed 9.4%. to 78.14. But even with higher oil prices, the CEO of Delta Airlines, Ed Bastian, says the carrier's business is not being deterred.
Our international travel season is looking very, very healthy. Businesses, international, as I just said, American Express, our loyalty programs, our cargo business arm, we have so many different lines of business, including here in the U.S., our domestic travel. It's all doing very, very well, and I don't see fuel prices deterring that.
That was Delta CEO Ed Bastian, and you can watch the entire conversation on the Bloomberg Podcast YouTube channel. Fed Governor Chris Waller says policymakers may need to raise interest rates in the near term if underlying inflation continues to signal broad price pressure.
If we get another hot reading on core inflation this week, then the FOMC will need to consider tightening monetary policy in the near term. As always, we need to avoid making the mistake of fighting the last war and reacting too soon to tighten inflation.
Waller also emphasized the need to avoid repeating mistakes from the inflation shock in 2021 and 2022 when the Fed was criticized for taking too long to raise interest rates. Now, money markets already show a near 50% probability of a quarter point rate hike at the Fed's July meeting. South Carolina Governor Henry McMaster has selected Darlene Graham Nordone to serve the remainder of the late Senator Lindsey Graham's term. Nordone is Graham's younger sister, and she'll serve until his term ends in January. Now, South Carolina will hold a special primary to replace Graham as the GOP Senate candidate.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:15
2
What happened during the U.S. strikes on Iranian targets and how did CENTCOM describe them?
2:15–4:39
3
How did Iran retaliate and what did President Trump notify lawmakers about the conflict?
4:39–6:31
4
How will a U.S. blockade of Iranian vessels and proposed fees affect Strait of Hormuz shipping?
6:31–6:50
Speakers
5 identifiedMore from Bloomberg News Now
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