US to Control Iran’s Unfrozen Funds, Hormuz Traffic, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump says the U.S. and Iran are making progress in peace negotiations while addressing Iran's frozen assets, which have been a major hurdle in talks. Trump says assets will remain under U.S. control and will only be available to buy food and medical supplies from the U.S. once they're released. Bloomberg's Dan Williams has details.
Either side is talking up, but often in different directions. The US, the Trump administration, saying that unfrozen funds will be used for humanitarian purposes, perhaps even to buy soy products from the United States. But the spokesman for the foreign ministry in Tehran saying there would not be a limitation on how Iran uses those funds. That, of course, will stir concern in the US, in the West, and indeed in the region, that some, perhaps all of that money, could go toward rebuilding Iran's military capacity, perhaps the capacities of Iranian allies like the Hezbollah militia in Lebanon.
That's Bloomberg's Dan Williams reporting from Jerusalem. Iran says 12 billion of those frozen funds are set to be released as part of ongoing talks in two equal installments. There's also debate between both sides on what future nuclear inspections could look like. Bloomberg's Tyler Kendall has more on that from Washington.
The U.S. came out yesterday saying that it did yield what is considered to be a substantial concession from Iran that they could let inspectors into their nuclear sites as soon as this week. But an update again from the Iranian foreign minister seemed to dispute that. Earlier today, President Trump, though, maintaining that those comments from Iran do not align with the agreement that was reached in Switzerland. over the weekend, and he says that these inspections will be, quote, fully and completely agreed to the highest level going forward.
Bloomberg's Tyler Kendall reporting. Meantime, oil prices are easing as tankers openly transit the Strait of Hormuz, with Brent crude now trading at $77 a barrel. Mike Summers is president of the American Petroleum Institute, which just put out a new energy security framework that includes working with Persian Gulf allies to reduce their reliance on Hormuz.
It is not too early for us to start thinking about what we should do after this crisis is over, which is what our American Energy Security Framework is all about. It's about providing resilience for the energy system that clearly needs it.
What progress is being made in U.S.-Iran peace negotiations?
What we've seen over the course of the last three months with the Strait being closed, of course, has been a price hike in oil. But at the same time, it's also shown us that there's a reckoning going on right now between where we get our energy and where we should be getting our energy.
American Petroleum Institute President Mike Summers on Bloomberg's balance of power. President Trump said 19 million barrels of oil flowed out of Hormuz just yesterday, and he called that a record. But the International Energy Agency says pre-war levels were at 20 million barrels a day. On Wall Street, tech stocks are dragging down indexes after a sell-off in Korean chipmakers stoked concerns about the sustainability of an AI rally. The Dow is up 0.2% right now, but the Nasdaq is down 1.4%. The S&P is down about 1% as well.
How will Iran's unfrozen funds be utilized according to the U.S.?
The 10-year Treasury yields at 4.48%. The 2-year yields at 4.18%. And the dollar also touched the highest level since November today as traders cement views on the Federal Reserve hiking interest rates this year. Those tech stocks, by the way, are giving Wall Street a bit of an AI wake-up call.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–2:52
2
What progress is being made in U.S.-Iran peace negotiations?
2:52–3:41
3
How will Iran's unfrozen funds be utilized according to the U.S.?
3:41–5:23
4
What are the implications of Iran's military spending with unfrozen assets?
5:23–7:49
Speakers
10 identifiedMore from Bloomberg News Now
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