US Waives Iran Oil Sanctions, SpaceX Falls for Third Day, More
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News when you want it with Bloomberg News Now, I'm Erika Herskowitz. Vice President J.D. Vance, attending the discussions in Switzerland, described the first round of negotiations with Iran as very, very good and said Iran had agreed to allow nuclear inspectors back into the country.
That is a major milestone for the American people and the first step in making permanently denuclearizing or permanently ending a nuclear weapons program in Iran.
That statement from Vance was later backed by President Trump, but Iranian officials who also cite progress challenged the claim, saying Vance's assertion was false and does not reflect reality. Former State Department official now with American Enterprise Institute Heather Conley told Bloomberg's Balance of Power the intensive work of nuclear specialists that went into the agreement with Iran a decade ago will be needed again.
The best thing to come out of this session was actually they're starting to break down structurally experts on these very specific technical issues. We need to get this out of a vice presidential level. We need those experts in there. We have incredible Incredible amounts of work to do in 60 days.
Former State Department official Heather Conley on Bloomberg's balance of power. The U.S. has issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal. The 60-day reprieve of U.S. sanctions on Iranian oil has reopened the U.S. market to Iran's crude for the first time in 35 years. The Iranian supply could alleviate the impact of the worst global oil disruption in history, but it's unclear if U.S. refiners will have the appetite to resume purchases again. Stocks closed mostly lower on Wall Street today, dragged by a slump in big tech, overshadowing progress and peace negotiations between the U.S.
and Iran. The Dow gained 148 points, up a third of a percent, but the Nasdaq fell 351, down one and a third percent. The S&P lost 28 points, down a third of a percent. The 10-year Treasury yielded 4.50 percent. The 2-year Treasury yielded 4.23 percent. Meanwhile, oil is declining on hopes for a recovery in flows from the Persian Gulf. Brent crude is down nearly 3 percent, trading at $78 a barrel. Shares in SpaceX fell 16 percent today, pushing its three-day loss to 23 percent and erasing over $600 billion in value over that period. SpaceX is selling investment-grade bonds for the first time in what's expected to be the start of a massive borrowing spree to fund the company's AI ambitions following its record $75 billion IPO.
We get more from Bloomberg's Ed Ludlow.
What recent developments occurred in U.S.-Iran oil sanctions?
They're going to use this inaugural bond sale to pay down and refinance existing debt. But there's a big longer term view, which is that SpaceX is many, many light years away from positive free cash flow. And they are going into a world where they're going to have to spend incredibly aggressively.
Bloomberg's Ed Ludlow. In the UK, Britain's Prime Minister Keir Starmer announced his resignation today, marking a precipitous fall from favour two years after leading the Labour Party back to power with a landslide majority.
The question my party is asking now is whether I am best placed to lead us into the next general election. I have heard the answer of my parliamentary party to that question. And I accept that answer with good grace.
Starmer's departure paves the way for Andy Burnham to attempt to take over as successor after the longtime mayor of Manchester won a parliamentary seat last week in order to mount a challenge.
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