May 24, 2026: US-Iran Inch Towards Deal, Energy Prices Fall as Talks Progress, More
episodePreviously titled “US-Iran Inch Towards Deal, Energy Prices Fall as Talks Progress, More” — renamed by the publisher on Aug 2, 2026
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. The U.S. and Iran are closing in on a deal to reopen the Strait of Hormuz. U.S. officials say the two sides are addressing the precise language on key issues, and they say a deal with Iran will not be signed today, citing Iran's frustratingly slow system. Today, in a post on social media, Trump said the U.S. will not be rushed and that both sides must take their time to get it right. U.S. Secretary of State Marco Rubio is optimistic.
We've made some progress over the last 48 hours working with our partners in the Gulf region on an outline that could ultimately, if it succeeds, leave us not just with a completely open straits, and I mean open straits without tolls, and with addressing some of the key things that underpin what has been Iran's nuclear weapons ambitions in the past.
On the back of that optimism, crude oil prices are in retreat, with both WTI and Brent down by more than 4.5%. At the same time, there's a bit of concern over how the U.S. and Iran seem to be describing this deal differently. and worry in the U.S. that President Trump might be giving up too much in an effort to open up the Strait of Hormuz. Here is Bloomberg's Kevin Whitelaw.
What we're really talking about isn't a deal deal. It is a path to a deal. And so it would be some sort of an extended ceasefire or pause where the Strait of Hormuz would be opened up in some fashion. I think that's probably realistically the best thing that anyone can expect at this point with most of the actual negotiations over the highly enriched uranium, et cetera, to come later. But, you know, Iran has basically said they want sanctions relief. They want some of their assets unfrozen. And if Trump agrees to do some of that just to get this interim deal, he's really giving up a fair amount of his leverage.
That was Bloomberg's Kevin Whitelaw speaking on Bloomberg TV's The Asia Trade. The director of the National Economic Council, Kevin Hassett, signaled his confidence in a deal between the U.S. and Iran. And Hassett believes a deal can lead to a decline in energy prices, which could in turn lower inflation. Here is Hassett speaking on Fox News' Sunday Morning Futures. I think that as soon as we get energy prices going back down, you could actually be looking at negative inflation because of the energy price going down. That is NEC Director Kevin Hassett speaking on Fox News' Sunday Morning Futures. We go next to Ukraine, where there was a major escalation overnight as Russia confirmed its military fired a hypersonic aurestic missile near Kyiv.
This was part of an attack involving approximately 90 missiles and 600 drones. Now, Ukraine's air force said that most of the missiles and drones were shot down. Meantime, Ukrainian President Volodymyr Zelensky reported that two people were killed and over 80 others injured, and he called for solutions from the U.S. and from Europe. The U.S. has paused a $14 billion arms sale to Taiwan. More on that from Bloomberg's Monica Ricks.
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