US, Iran Hold Ceasefire Talks in Pakistan, Artemis' Return, More
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That's Bloomberg This Weekend, Saturdays and Sundays starting at 7 a.m. Eastern. Make us part of your weekend routine on Bloomberg Television, radio, and wherever you get your podcasts. News when you want it with Bloomberg News Now. I'm Monica Ricks. Potential peace talks are now underway in Pakistan between the U.S. and Iran as the war in the Middle East enters its seventh week. Bloomberg's Israel Bureau Chief Ethan Bronner is in Islamabad.
The problem, of course, is that the United States and Israel launched this war six weeks ago and thought they could effectively take apart that regime and force change and found that the regime was far more resistant than they expected. And the regime's survival, and even Friday on some level in Iran, has allowed it to take control of the Strait of Hormuz, to sort of have a stranglehold over a large part of the world economy through that, and has caused enormous political problems for President Trump.
Bloomberg's Ethan Bronner on Bloomberg this weekend. Lebanese and Israeli diplomats plan to meet in Washington next week to discuss their own ceasefire, but that too faces hurdles as both sides continue trading fire along Lebanon's southern border. Meantime, Vice President J.D. Vance is leading talks for the U.S. now as President Trump ramps up pressure to reach a deal. Catherine Lucey covers the White House for Bloomberg. I mean, the thing is that sending him over there really, you know, sort of saddles him with it, right? It puts it around his neck as well. And there's no way for him to distance himself from this war now, given that he is now really sort of taking a leading role in the diplomacy here.
As Bloomberg's Catherine Lucey on Bloomberg this weekend, the outcome of talks could determine whether that ceasefire turns into a lasting peace agreement or plunges the region into further conflict. In the span of a week, oil prices have rebounded a bit, falling from about $112 a barrel down to $95 a barrel at Friday's close. But Stephen Shork with the Shork Report tells Bloomberg the war in Iran will have residual impacts on the oil market for years.
What we're looking at here is a market that has, let's borrow the term, irrational exuberance. They want to believe this war is going to be over. And perhaps it is. And I hope it is. And I hope that there's a positive resolution. But what we don't have a resolution to is the amount of damage to infrastructure that's been inflicted upon the market.
Stephen Shork on Bloomberg this weekend. He says you can expect summer gas prices to spike even higher. And the natural gas market, which includes helium and fertilizer, may never return to what it was like before this conflict. More airlines are raising surcharges and baggage fees to help offset rising energy and oil prices as this war continues. Katie Nastro is a travel expert for Going.com, but she says higher fees may be here to stay.
Historically, we have seen bag fees risen every few years. And it's likely that this was in Airlines' playbook all along. But we have this perfect time frame now to raise fees and have a justification to do so.
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