US Could Float Iranian Assets to Allies, OPEC+ Hikes Output, 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. The U.S. and Iran appear to be making very little progress towards an interim deal to end the war in the Middle East as fresh attacks pile pressure on a fragile ceasefire in the region. U.S. Central Command said early this morning that it downed two more Iranian attack drones that threatened international maritime traffic in the Strait of Hormuz. And this comes after intercepting drones and ballistic missiles aimed at Bahrain and Kuwait on Friday. Meantime, one of the sticking points in negotiations has been the fate of billions of dollars of frozen Iranian assets. The Trump administration is now seeking to steer them towards helping U.S.
allies in the Persian Gulf rebuild from damage inflicted by this conflict. Bloomberg's Abir Abu Omar has more from Dubai. To some varying degrees, the Gulf countries, there are six of them, they will respond differently, right? And bear in mind that these are incredibly rich countries with so much buffers in their reserves. And so there's a question of do they really need That's Bloomberg's Abeer Abu Omar on Bloomberg this weekend. She says the $24 billion in frozen assets has been a major concession for Iran in its peace talks with the U.S. Major OPEC Plus members have agreed to another modest increase to their oil output quotas for July, but it's mostly symbolic today since exports have been largely blocked from getting through the Strait of Hormuz.
Key members led by Saudi Arabia and Russia raised collective targets by 188,000 barrels a day next month. Meantime, aviation leaders are meeting in Brazil this weekend and signaling clear skies when it comes to travel demand this summer, despite a jet fuel supply crunch and higher fares. United Airlines CEO Scott Kirby weighed in for Rio.
Time will tell. It depends on what's happening with the economy, what happens with oil prices. But I feel pretty good about where we are right now. We laid out a path to getting to 100% fuel recovery. It certainly looks like we're still pretty much solidly on that path.
That's United CEO Scott Kirby on Bloomberg this weekend. The carriers had to make adjustments due to higher jet fuel prices. Kirby says they've cut 5% of flights so far and raised ticket prices by 20%. Delta President Peter Carter is also at that aviation summit and talked about premium experiences. He says despite higher fares, people are still splurging.
We are finding that our consumer has an insatiable appetite for premium experiences. And everything that we have introduced seems to just be truly inhaled by the consumer.
As more airlines cut back, Delta announced it's starting nonstop flights to Saudi Arabia in October. Chinese President Xi Jinping is heading to North Korea tomorrow in a likely bid to reassert Beijing's influence over an emboldened Kim Jong-un. The country is said to be rapidly expanding its nuclear arsenal and deepening its alliance with Russia. Xi's visit to Pyongyang will be the first in seven years, and it comes just weeks after he hosted President Trump and Russia's Vladimir Putin in Beijing.
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