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Chapter 1: What is the main topic discussed in this episode?
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.
Chapter 2: 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.
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