US-Iran Agree to Stop Strikes, Stocks Lift and Oil Rises, More
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Hi, I'm Tom Keen, inviting you to join me for the Bloomberg Surveillance Podcast. It's about making you smarter every business day. I'm Paul Sweeney. We bring you complete coverage of stocks, bonds, commodities, even crypto. All the information you need to excel in the markets. And I'm Alexis Christophorus. Listen to us for essential conversations with the smartest names in economics, finance, investment, and international relations. That's the Bloomberg Surveillance Podcast. Subscribe today on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we begin with the latest from the Middle East. The U.S. and Iran have agreed to stop attacking each other before talks resume over the Strait of Hormuz and other issues. The latest strikes began Thursday when Iran hit a container ship in the strait. That led to back-and-forth attacks that ended last night, with Kuwait and Bahrain intercepting drones and missiles from Iran's Islamic Revolutionary Guard Corps. U.S. Ambassador to the United Nations Mike Waltz says the U.S. will continue to respond militarily if necessary.
Last few nights where we'll continue to militarily, if needed, take down their infrastructure that they're trying to use to illegally control an international waterway.
UN Ambassador Mike Waltz appeared on Fox News Sunday, heard every Sunday on Bloomberg Radio. Bloomberg Europe, Middle East and Africa News Director Will Kennedy says all this has put the 60-day ceasefire to the test.
It is fragile and clearly what happened over the last few days will be a worry to everyone and to people trying to get oil and other goods in and out of the Strait of Hormuz. I think, though, that both sides probably want an opportunity for the talks to continue and to build on what was agreed in their memorandum of understanding. So it is a truce, but extremely fragile one, I think.
Bloomberg's Will Kennedy reports talks are expected to resume this week in Doha, Qatar. But this morning, Iran's semi-official Tasnim news agency is reporting no technical talks are planned this week and the venue is not confirmed. That report cites Iran's deputy foreign minister.
Well, Nathan, Russia expects U.S. negotiators Steve Witkoff and Jared Kushner to travel to Moscow to continue talks on ending the war in Ukraine once Washington is no longer preoccupied with the conflict with Iran. In an interview with state television, Russian President Vladimir Putin said Moscow received new proposals to limit fighting in Ukraine, but he rejected them.
And back in this country, Karen, gasoline prices continue to fall. Let's get the latest on that from Bloomberg's John Tucker. John.
And Nathan, the latest national survey from AAA shows the average price for unleaded has now fallen to $3.86 a gallon. That represents a decline of 12% over the last month.
What recent agreement was reached between the US and Iran?
The average price a year ago stood at $3.19. This decline comes on hopes of some sort of lasting ceasefire with Iran. But Bloomberg intelligence analysts do caution that oil markets may be pricing too smooth a transition from the Gulf War. They're pointing out that security incidents and cautious shipowner behavior could keep the path back to normal slower than prices imply, especially with strategic inventories at a 43-year low. In New York, I'm John Tucker, Bloomberg Radio.
All right, John, thank you. Back in Washington, House Speaker Mike Johnson says he'll send the bipartisan housing bill that passed Congress last week to President Trump to sign today.
The housing bill really is a Republican priority because it will lower housing costs.
How have recent strikes affected the situation in the Strait of Hormuz?
We made a lot of promises to the voters, and we're fulfilling those every single day of this Congress. And this is a big part of that because it will increase the availability, the access to more housing, bring down costs, cut regulations, do the things that we know are very important for that market.
House Speaker Mike Johnson appeared on Fox's Sunday Morning Futures. President Trump abruptly canceled a signing ceremony for the housing bill last week to pressure the Senate to pass a nationwide voter ID law that he's been pushing for months.
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