Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, it is day thirteen of the war with Iran and the impact on the global energy supply is spreading. We get the very latest from Bloomberg's Jumana Barsechi in Dubai.
What we're seeing is a tax taking place on the northern part of the Persian Gulf. So two tankers off the coast of Iraq, so this is way north of the Strait of Hormos, were set on fire this morning I reportedly ablaze and then further south of the Strait of Hormoes. Yesterday evening, the key port of Salala in Oman was also strugg that's a fuel depot and earlier, out of an abundance of caution, vessels were asked to evacuate the area. Another key export terminal in the region.
Oman exports about one million barrels a day of oil through that port and it is on the Gulf of Aman. It is not on the Strait of Homers.
Bloomberg Middle East correspondent Jumani Burssecci reports this follows attacks on other ships in the Gulf. The UK says a projectile struck a vessel today in the United Arab Emirates, and the Thai Navy says a cargo ship was attacked yesterday as it tried to exit the Strait of Hormoes.
Well, Nathan, the world is responding to these attacks with an unprecedented moved to shore up the energy market. The International Energy Agency says its members will release four hundred million barrels of oil from their emergency reserves. That's more than twice the previous record after Russia's invasion of Ukraine. One hundred and seventy two million of those barrels will come from the US, and President Trump says that should ease price pressures.
Oil prices are already coming back down, and it's going to come down. But we're not leaving until that job is finished, and it's going to be very fast.
President Trump spoke at a rally in Kentucky last night, but Energy Secretary Chris Wright says getting all the oil out could take a while.
The release is certainly out of the US Strategic Petroleum Reserve. They'll go over about four months. But this conflict, I don't think goes that long. I think we will have the Straits of Horror Moves open well before then.
Energy Secretary Chris Wright appeared on Fox News. Sources tell Bloomberg President Trump is also preparing to use Cold Word era powers to revive oil production off the southern California coast. Bloomberg Economics says a one month closure of the Strait of Horror Moos could send oil prices near one hundred and five dollars a barrel. And looking at prices again right now, NIMEX screwed oil is a more than six percent. It's in ninety two dollars fifty three cents a barrel.
Brent is at ninety seven dollars ninety nine cents, and.
There's more fallout from the war.
Care and the International Air Energy Agency says the Middle East conflict will slash global oil supplies by eight million barrels a day this month, or about seven and a half percent. The IEA says the Midi store is the biggest supply disruption in the history of the oil market.
Well Nathan Republican Senator Ran Paul is warning that the ongoing war in Iran could hurt his party in the midterm elections. Speaking on a Bloomberg's Balance of Power with Joe Matthew, the Kentucky Republican also said the war is putting the US more in debt right now.
Our military, we spend more on our military than the next ten countries combined. So for people to argue we're not spending enough, we're spending more than the next ten countries combined. We spend plenty on our military, at.
Least to be spent wisely.
But they'll spend an extraordinary amount on two wars, two wars in one month. I mean, for goodnessakes, they're talking about another war with Cuba as we speak right So, yeah, they cost money. The costs laws most importantly, but they also cost money. And I'm just not for wasn't for the war in Venezuela, I'm not for the war in Iran, and I'm certainly not for a war with Cuba.
And catch our full interview with Kentucky Senator Ran Paul on our new video experience on the Bloomberg Business app Karen.
Several top banks telling their staff to stay away from offices in Dubai and other locations in the Middle East. Bloomberg's Tiwa Autobio has the latest from London.
Several major Wall Street banks have already been allowing their employees to work from home since the start of the Iran war. Now some big names are instructing colleagues to exit their offices in the region. Bloomberg understands that the likes of Goldman Sachs and City Group have told their staff as to stay away from their Dubai offices, and some lenders have also offered staff the option to temporarily leave the country. The news comes as Iran continues to
strike targets in the Middle East. A representative for Goldman Sachs decline to comment, while City Groups said in a statement that all of its employees are accounted for and safe in London. Tia Adubaya Bloomberg Radio, all.
Right, Tewatt, thank you what we are continuing to see the market reaction to the war. Global bonds have surrendered their year to date gains. Elevated oil prices are stoking fears that inflation will reignite, triggering a sell off across fixed income markets. The Bloomberg the Global Aggregate Index is now flat for twenty twenty six, It was up as much as two point one percent this year, just before President Trump launched the attack on a run.
And stock futures are falling this morning, Karen right Now, s and P and Nasdaq futures are both down a half percent down futures are lower by six tenths of one percent. Sarah Hunt, chief market strategist at Alpine Saxon Wood, says this is a difficult time for investors longer term.
I think investing has always been you always bounce back from problems. The question is how long does it take you to bounce back? And right now, I think the US equity markets, even though the headline indices are close to all time highs, underneath you've seen a lot of
damage already to specific sectors. So there are definitely places to look in the market for investing, But I think you have to have a pretty strong hand at this particular time because it is difficult to see that you're going to get away from the volatility that we're seeing right now, and investors don't love volatility now.
Pine Saxson Woods chief market strategist Sarah Hunt, and speaking of volatility, the Vicks Wall Street so called fear gauge is.
Trading back near twenty five this morning, Well, Nathan.
The Trump administration is opening a new trade investigation into manufacturing in foreign countries. Is an effort that comes after the Supreme Court struck down President Trump's previous use of tariffs. Trade Representative Jamison Greer has announced his office will begin a probe into more than a dozen major economies, including China, the EU, India, and South Korea under Section three oh
one of the Trade Act. Bloomberg still Desis has more on how the administration is attempting to rebuild its trade policies.
Those executive order tariffs that Trump anounced last year. Obviously that was pretty high risk strategy for the Trump administration. To pursue something like this might go a long way toward actually laying something down that can hold up going into the future. Of course, these types of probes, I will just caution do take in many cases months to ultimately complete before you do see those tariffs, So it might be a long ways out before we actually see something take effect.
And Bloomberg stil das ads that the move is likely to damage relations with the targeted countries and comes ahead of a planned trip by the President to Beijing.
Now there's more parent fallout from the Jeffrey Epstein scandal. Karen New York Giants co owners Steve Tish and his two siblings are transferring their stakes in the team to trusts for their children. The move comes after Tish recently appeared in documents tied to the investigation into the convicted sex offender. Steve Tish has not been accused of any crimes, but he was mentioned hundreds of times in Epstein documents released earlier this year. The transfer of this Steak has
to be approved by the NFL. It would shift ownership of a franchise valued last year at ten point three billion dollars.
Nathan, we also have a programming note here. Markets may close on a Friday, but the world does not, and that's why we're bringing you a new live radio and TV show. Bloomberg This Weekend is looking beyond the daily headlines to the bigger themes driving politics, business and culture. Joined David Gura, Christina Ruffini, and Lisa Heyo for smart conversations and in depth interviews that help make sense of
the week that's been, and what's and what comes next. Again, Bloomberg This Weekend Live Saturdays and Sundays from seven am Eastern on Bloomberg Radio, TV and the Bloomberg Business app. Time now for look at some of the other stories making news in New York and around the world. And for that we're joined by Bloomberg's Michael Barr. Michael, Good morning.
Good morning, Karen. The struggle is getting heavy and harder to manage for the hundreds of TSA workers who remain on the job working without a paycheck as the partial government shutdown drags on. A nonprofit group VEEP held a food drive for the nearly five hundred workers at the Minneapolis Saint Paul Airport. Union leader Neil Gosman was grateful as he and his colleagues tried to soldier through their
third shutdown in just six months. He says they're being used as pawns as Washington does nothing instead.
Of a paycheck.
I'm getting poor today.
That's great. I really appreciate deep doing this. This is not a way to treat a federal employee. We're trying to keep people safe.
Union leader Neil Gosman says many TSA agents need help with gas. Two congressional Democrats are seeking an investigation into US Attorney General Pam Bondi's brother, California Senator Adam Schiff and Congressman Dave min allege a quote troubling pattern of favorable outcomes in cases involving the Justice Department and clients who hired defense attorney Brad Bondy. It's not even officially spring yet, but health experts say seasonal allergies are already
starting to impact many Americans. The CDC estimates twenty five percent of adults and nearly twenty one percent of children across the US have an allergy. Doctors say start preparing now by taking allergy medication. Doctor Darien Sutton spoke to ABC.
Experts recommend number one, know your allergies, so write your symptoms down, check the po and counts when you do have symptoms because it can help you understand. For example, right now, in the late winter, we're going to start to see more tree pollen. In the summer, we see grass pollen, and towards the end of the summer we see weed pollen.
Researchers at Climate Central also found changes and climate can lead to a worse reaction for those suffering. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg Karen.
Thanks Michael. Time now for our Bloomberg Sports update, and for that we bring in John stash Hour.
Thanks Gareth.
The Big Twelve Tournament, Iowa State beat Arizona State ninety one to forty two, and then Arizona State fired their coach. Bobby Hurley had the job for eleven years. Syracuse fired Adrian Autrey, he had that job for three years. World Baseball Classic Italy nine to one over Mexico. That keeps the USA alive despite their loss to Italy. The Americans will play Canada in a quarterfinal game tomorrow night. That's your Bloomberg Sports update.
Cool.
Stay with us.
More from Bloomberg day Break coming up after this.
Coast to coast on Bloomberg Radio, nationwide on Serious Exam.
And around the world on Bloomberg dot Com and the Bloomberg Business app.
This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Now, nearly two weeks into the Iran War, of the world is taking a historic step to try to ease the shock to the energy market.
The International Energy Agency agreed to coordinate the release of a record four hundred million barrels of oil from various national petroleum reserves around the world, which will substantially reduce the oil prices as we end this threat to America and this threat to the world.
President Trump touted the move at a rally in Kentucky, but oil prices continue to climb this morning and for more, we're joined by Ziod Daoud, chief Emerging Markets economist for Bloomberg Economics.
Ziod, good morning.
We just got the report from the International Energy Agency that this conflict is causing the biggest disruption to the oil market in its history.
What more can you tell us? Good morning, Good morning.
There is a lot of disruption. If you think about the Strait of Hormos alone, we're talking about twenty million barrels of oil that sails through it every day, and that's about twenty percent of global oil supply. That is probably one of the biggest supply shocks in history. The question now is not about intensity. No ship is going through Hormos. It's a question about duration. How long can this last for? And we ran some scenarios depending on
the juration. If the disruption of Hormos last about one month, we're talking about oil north one hundred around one hundred and five dollars pip barrel. If it lasts for three months, the pros will go much higher, to go around one hundred and sixty four dollars pie barrel. So the key thing now is how long will Hormos be shot for and how it will reopen?
Does the analysis shift depending on events on the ground. When we're hearing about attacks on Iraqi waters north of the Strait of Hormos as well, is this evacuation this morning of the main terminal in Oman as well?
Yes, of course, so the closure or the reopening of Homers is more of a geopolitical event than an economic one. And we think it is difficult to imagine that the war maintaining is current very high intensity for many more weeks. Something has to give and the war would move to either a lower intensity warfare or even cease far. And we think there are three indicators that could bring that
change to the intensity of war. One of them is the economic costs from higher OL prices on the global economy. As second one is logistical the attacking equipment that Iran has or a defensive equipment that the Gulf or Israel has. And the third one is popular opinion in the US, which may force President Trump to claim victory and decide to.
End the war in our last minute, thed what about this release of four hundred million barrels at the IA announced yesterday, one hundred and seventy two million of that coming from the Is that going to be enough to provide a backstop?
The short answer is no. If you think about four hundred million barrels, that's like twenty days of normal homeless flows. We're already on the thirteenth day of the war. So if the war ends in a week's time, that is fine. If it lasts longer, then that's not enough. That's just going to be a temporary filled to the shortage before shortage is returned.
This is Bloomberg day Break, your morning podcast on the stories making news from Wall Street to Washington and beyond.
Look for us on your podcast feed by six am Eastern each morning, on Apple, Spotify, or anywhere else you listen.
You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg in ninety nine to one in Washington. Bloomberg ninety two nine in Boston and nationwide on serious XM Channel one twenty one.
Plus listen coast to coast on the Bloomberg Business App now with Apple CarPlay and Android auto interfaces.
And don't forget to subscribe to Bloomberg News Now. It's the latest whenever you want it in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow.
And I'm Nathan Hager.
Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak