US & Iran Eye More Talks, Trump-Pope Clash, More
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News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
A US naval blockade of the Strait of Hormuz is now in effect, cutting ships off from Iranian ports. The move comes as Washington and Tehran are said to be discussing another round of talks after last weekend's negotiations ended without a deal.
What recent actions have the US and Iran taken regarding the Strait of Hormuz?
Speaking to Fox News last night, the Vice President J.D. Vance, who led the US delegation in that first round, had this message for Iran.
What they have done is engage in this act of economic terrorism against the entire world. They basically threatened any ship that's moving through the Straits of Hormuz. Well, as the president of the United States showed, two can play at that game. And if the Iranians are going to try to engage in economic terrorism, we're going to abide by a simple principle that no Iranian ships are getting out either. We know that's a big deal to them. We know that applies additional economic leverage. And again, Brett, the president wants the Iranian people to thrive and succeed.
J.D. Vance was speaking as a U.S.-sanctioned tanker linked to China makes its way through the Strait of Hormuz, posing a major test of the American blockade. It's not clear whether the ship visited Iranian ports, but the vessel is broadcasting that it has a Chinese owner and crew. Blocking its passage would raise the stakes for Washington as it decides whether to act against a vessel tied to the world's largest oil importer.
There's a growing chorus of voices warning about the longer-term economic impact from the US-Israeli war. The International Monetary Fund will be downgrading its global growth forecast for this year when it meets later today. But HSBC's CEO, George Alhedry, tells Bloomberg the fallout from the conflict is already beginning to dent his client's confidence.
The passage daily 150 ships has dropped to maybe 5 to 10 ships at best. So that is hugely disruptive. The impact of such will be felt way beyond the Middle East. And that is one worrying factor for us.
The CEO of Europe's largest bank isn't the only one worried. Looking at oil prices, Executive Director at the International Energy Agency, Fatih Birol, says the worst is yet to come.
The scale of the problem is huge. And countries will suffer under this. Some more than the others, but I can tell you, no country, but no country is immune to this problem.
Fatih Beral told reporters he expects prices to rise, warning it could take up to two years to recover production from damaged energy facilities. That's bad news for the likes of Schroders CEO Richard Oldfield, who's warning that oil prices above $100 a barrel is a pain point for growth.
We think priced into assets at the moment is the inflationary risk. But the longer this conflict goes on, the more that inflation risk turns into a GDP and growth risk. We don't see the straits opening quickly. And of course, bringing oil and LNG back online will take some time even after it does open. So markets are going to continue to be disrupted.
The boss of the asset management firm says he's telling his clients not to panic. IMF chief Kristalina Georgieva summed up the ominous noises, saying ahead of her forecast today, quote, buckle up.
Italy's Prime Minister Giorgia Maloney has called the US president's tirade against the Pope unacceptable, exposing a growing rift between the two leaders. Her comments follow a verbal clash between Pope Leo and President Trump after the head of the Catholic Church said that God does not bless conflict and that Christ's disciples are never on the side of those who drop bombs. Now, that prompted an angry response from the US president, who said that the pontiff was, quote, weak on crime. Speaking on a flight to Algeria, the Pope later vowed to keep criticising war.
I will continue to speak out loudly against war, looking to promote peace, promoting dialogue and multilateral relationships among the states, to look for just solutions and problems.
The Pope's latest comments came as President Trump removed an image from social media showing himself in robes healing a sick patient, which appeared to depict him as a Christ-like figure.
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