Carlyle Group Chief Strategy Officer of Energy Pathways Jeffrey Currie Talks Oil Markets
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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. We're up early every weekday, keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now. And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break. So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.
It's smart, calm and to the point. And it fits into your morning. You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris. On Apple, Spotify, YouTube or wherever you get your podcasts. On our radar this morning, Iran launching more missile attacks overnight targeting the UAE, Saudi Arabia, Kuwait and Tel Aviv. Tehran vowing revenge following the assassination of their security chief. Elsewhere, the Pentagon planning to mass produce one-way Lucas attack drones. The drones were created by reverse engineering Iran's cheap and deadly Shahed system and are being used in the war in the Middle East. And finally, Japanese Prime Minister Tanae Takeuchi saying she's facing a quote, extremely difficult summit with President Trump tomorrow.
The statement coming after Tokyo's refusal to send warships to Hormuz, Takeichi, citing Japan's pacifist constitution. Yeah, and part of the issue that Takeichi is presenting is the lack of capabilities that they have to really support U.S. troops, which is something that NATO allies have highlighted as well. She said, I intend to convey these points clearly and I'm sure the US side understands these laws in terms of the pacifist laws given our history. Either way, it highlights how difficult it is for international leaders to come to the White House and have any kind of discussion with President Trump given some of the domestic pressure that they are all facing. Two things I imagine the White House is going to bring up.
After World War II, and obviously Japan has this pacifist regime in place, they did send minesweepers to the Middle East after Operation Desert Storm. And in 1991, when the US wrapped up the Gulf War. That's the first point I think the White House will say. Well, can't you just send a minesweeper? The second point, I imagine this president, because he's insinuated in the last few days, is going to go through all the countries that refuse to help the United States right now. How many U.S. men and women are stationed in those countries right now as a force of deterrence? Japan has some 55,000 and counting U.S. service members, and I imagine that's going to come up in the meeting. And they are very exposed to what's happening in the Middle East, given how exposed they are on the energy side.
Jeff Curry of Kala writing this. The cost of rebuilding and recovering from the Hormuz shock will be enormous and underscores the regime change towards physical assets. Jeff joins us now for more. Jeff, welcome to the program. It's always good to catch up with you, sir. Fluid environment. So allow me to go through the headline of the last five or 10 minutes or so. One headline, one report coming from Iran that their energy assets have been struck. Now, I have limited information beyond that. But Jeff, from your standpoint, in the week since we last spoke, has this got worse or better? worse. I like to call it molecular contagion. Last week we were talking about shortages in Singapore. Spices of jet fuel spiked to $230 a barrel.
This week it's in Rotterdam. Rotterdam's $220 a barrel. Thailand, Philippines, New Zealand, Australia. So this thing's going intercontinental. So you look at Singapore, Rotterdam, the spread, there's no more price spread, there's no more spare barrels, there's no policy fix, and it's just physics at this point.
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