US Strikes Iran, Brent Crude Drops, Strait Fees Possible, More
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A new chapter in global growth is being written and much of it is happening in Africa.
Africans need to invest. There are deals to be done and business to be won.
I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future.
The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa.
Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
News when you want it with Bloomberg News Now, I'm Matt Piper. The U.S. military says it struck Iran in retaliation to an attack on a commercial cargo ship in the Strait of Hormuz, an incident that further set back efforts to fully reopen the crucial waterway. U.S. aircraft struck Iranian missile and drone storage sites as well as coastal radar installations, says Central Command. The attacks came a day after the Singapore-flat container ship Ever Lovely sustained damage from what President Trump said was a one-way Iranian attack drone.
trump had earlier in the day accused iran of violating its ceasefire agreement by firing at cargo ships bloomberg's joe matthew with what trump had posted on truth social the islamic republic of iran shot at least four one-way attack drones at ships traversing the strait of hormuz one of the drones he says solidly hit the upper deck of a very large and very expensive cargo carrying ship damage was done but the ship was able to proceed on its way. We knocked down three other drones. Obviously, he says, this is the line. This is a foolish violation of our ceasefire agreement.
Bloomberg's Joe Matthew. The incident marks a setback to efforts to restore shipping traffic through the vital energy thoroughfare, but stocks did get a boost as the price of Brent crude oil, the international standard, dropped 3.8% to $72. That is lower than it was the day before the U.S. and Israel attacked Iran, which eventually led to the closure of the strait and the curtailment of oil shipments worldwide. The easier oil prices helped stocks of companies with big fuel bills, and American Airlines climbed 1.7%. Treasury yields eased in the bond market, the 2-year yield down 3 basis points, the 10-year down 1 basis point. Bitcoin was down 0.3% at $59,000. Most of the stock market rose after oil prices eased back to where they were before the war with Iran, but drops for AI stocks kept the market in check.
The S&P finished nearly flat and slipped less than 0.1% to close out just its second losing week in the last 13.
What recent military actions did the U.S. take against Iran?
The Dow dipped 0.1% and the Nasdaq fell 0.2%. Oman has told European officials that there's no way of going back to the pre-war status quo with the Strait, and transiting ships may have to be charged some fees. Ships are reviewing their exit plans after Thursday's attack. More on that from Bloomberg's David Gura.
A lot of companies a little skittish. wondering sort of if there could be more attacks like this, if there could still be mines in that waterway. And our colleagues at Bloomberg did report some ship owners reviewed their exit plans. But it does look like traffic in the Strait really hasn't taken a hit. It is still flowing, but it does highlight the tenuous nature of this reopening under that 60-day period.
Israel and Lebanon have signed a framework agreement after four days of negotiations in Washington mediated by the Trump administration. Secretary of State Rubio says it is the first step toward peace following the ongoing conflict between Israel and the militant group Hezbollah.
We're happy to announce a framework agreement between the sovereign government of Lebanon and, of course, the government of Israel with a mediation in support of the United States of America that begins to put in place a framework for lasting peace and security.
President Trump has threatened to impose 100% tariffs on goods imported from countries that impose digital services taxes. Trump said the threatened tariff would be imposed immediately and would supersede any existing trade deals made with affected countries.
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