US Completes Iran Strikes, Oil Climbs on Fresh Strikes, More
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What recent military actions did the U.S. take against Iran?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
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Chair Powell opened the door to this first interest rate cut.
Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices are higher at this hour after the U.S. military launched fresh strikes against multiple targets in Iran. U.S. Central Command said it completed its latest round of strikes, hitting Iranian military surveillance capabilities as well as... communication systems and air defense sites across Iran. Now, these strikes followed a retaliation on Tuesday after the downing of a U.S.
Apache helicopter. Early in the day on Wednesday, President Trump vowed to strike again. Seems as though he made good on that promise. Trump also criticized Tehran for delaying talks on an interim peace deal. Here is Defense Secretary Pete Hegseth.
As President Trump said, they've been tap, tap, tapping. You can see when someone's trying to tap, tap, tap on a deal. Instead, they're going to have tap, tap, tap bombs dropping on key facilities in Iran from the United States of America. And that's not because we want to restart anything. We don't have to restart.
That is Defense Secretary Pete Hegseth. In the meantime, Iran says the Strait of Hormuz has been completely closed to all types of vessels, including commercial ships. However, the US military says commercial ships are still continuing to transit the strait at this hour. The war with Iran is still driving inflation higher. The May consumer price index rose at an annual rate of 4.2 percent, the fastest rate in more than three years. However, the core rate of retail inflation, which excludes food and energy, rose less than expected two-tenths of one percent compared to April. Now, these data set up next week's Fed decision as Kevin Walsh prepares for his first meeting as Fed chair. Here's Bloomberg's Michael McKee.
In some ways, this is a gift to Kevin Warsh, the inflation numbers today, because there's no way you can cut rates with inflation at these levels. So then the next question for Warsh is when can you?
How are crude oil prices affected by U.S. strikes in Iran?
How far down does inflation have to come? And we don't know what he's going to say, but it's going to be very difficult for him or anyone to make a case for cutting this year because inflation is still rising. That is Bloomberg's Michael McKee.
After the bell, Oracle reported capital expenditures for the latest quarter above estimates, and this has raised concern about the profitability of Oracle's cloud infrastructure business. That said, sales in the infrastructure business gained 93% last quarter to $5.8 billion. That was slightly faster than the 91% increase anticipated by analysts. We got reaction from Sarah Kunst, founder and managing director at Clio Capital.
I think the expectations were for them to sort of pull a rabbit out of a hat that is not there. I don't think these are terrible results so far. We'll see in the overnight and into tomorrow. But I think the reality is that this is a company that the five year when you pull back, it's been a huge ramp up. The one year has been pretty muted. This is a company that people got excited about for a while with AI, but the bloom has sort of been off the rose.
That is Sarah Kunst from Clio Capital. Shares in Oracle are down about 6% in late trading. Incidentally, this stock has climbed 35% over the past three months. Microsoft co-founder Bill Gates testified today on Capitol Hill in a closed-door hearing about his ties to Jeffrey Epstein. More from Bloomberg's Amy Morris in Washington.
Gates told the House panel that he made an error in judgment by ever meeting with Jeffrey Epstein. The Microsoft co-founder said he was drawn in by Epstein's claims that he could help raise billions for global health initiatives.
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