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Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the ongoing tensions between the US and Iran, with both sides maintaining blockades over the straight of horror moves. President Trump has said he will keep restrictions in place until Iran comes forward with a new peace proposal. At the White House, Bloomberg's Jeff Mason asked the President about his timetable.
How long are you willing to wait until you get a.
Don't rush me, Jeff. You know guys like you you want to say, Oh, so we're in Vietnam, like for eighteen years. We're in Iraq for many many years. We're in for all the I don't like to say World War two because that was a big eat, but we were four and a half almost five years in World War Two. We were in the Korean War for seven years. I've been doing this for six weeks.
President Trump spoke to Bloomberg White House correspondent Jeff Mason in the Oval Office. We get more from Bloomberg's Jumana Barcecci in Dubai.
He's suggesting that we are in the early innings of what could be a prolonged conflict. At the same time, the Iranian side asserting once again that they're not going to go back to the negotiations table until the US
in the naval boockade is actually lifted. No signs that the US have plans to do so, and overnight, I also want to join your attention to an article that our Bloomberg colleagues put up, also suggesting that the way that President Trump has been conducting this, a lot of the threats and assertions, the language that he's been using on social media has also not been resonating well with Iranian officials, and they say that that is actually one of the limiting factors that is stopping the two sides
from getting together at the negotiating table once again.
Bloomberg's Jumana Barcecci reporting from Dubai. Meantime, President Trump says Israel and Lebanon have agreed to extend their ceasefire for another three weeks after talks in Washington. There's no immediate response from Israel or Iran backed Hezbolla. The militant group is not involved in the ceasefire, but has largely abided by it.
Only then the price of oil is set for its biggest weekly gain since the first week of the war. Right now, NIMEX screwed oil is up one and a half percent in ninety seven dollars twenty seven cents a barrel. Brent is at one hundred and six dollars eighty eight cents, with little sign of de escalation. The effective closure of the Straight of Horn Moves is taking an increasing toll on global energy markets, and we get more with Bloomberg's Will Kennedy in London.
Going back to last Friday, when the Avanian said the Strait was open, there was a really positive reaction from oil traders who thought that finally there was the lightly resolution and that ships might start leaving the Gulf and get back and the energy market could begin the long process of getting back to normal. And I think this week that optimism has really faded, and we've seen a steady of ratcheting up in the oil place.
As a result.
It's really worth bearing in mind and that although the intense military action the bombing has stopped, the Strait is probably more clothes than it ever has been. And when not getting the oil and the fuel that we need out of the Persian Gulf.
Bloomberg's Well Kennedy in London. According to Goldman Zachs, the Persian Gulf oil supply is about fifty seven percent below pre war levels.
And a new report Karen says the Iran war will keep the global natural gas market tight for at least two more years. This is according to the International Energy Agency. It says the conflict has delayed a long anticipated glot in liquefied natural gas, even as new capacity comes online. Katar has said Iranian strikes last month damaged about seventeen percent of its liquefaction capacity. It says repairs there could take as long as five years.
Meanwhile, Nathan Bloomberg News has learned European Union leaders are tasking the bloc's finance ministers to come up with new measures to deal with the continent's energy crunch. Bloomberg Chief European correspondent and Oliver Crook is covering the EU leader's meeting in Cyprus.
There's, of course, that longer term post to the EU will use to say that this is all about electrification. In the long term, no matter where your gas is coming from whether it's Russia, whether it's the Gulf, and increasingly also concerns about the United States. You're not safe until your energy autonomous, and that is going to be one of their big pushes to try to get that energy independence of through electricity and electrification.
Bloomberd Chief You're of. Correspondent Oliver Crook says gas has gained thirty four percent since the conflict started, while renkrude has jumped thirty seven percent.
Well back of the US.
Karen the Trump administration maybe looking at ways to punish NATO allies for what it sees as a lack of support for the war. This is according to a report from Reuters that says the Pentagon is considering options like suspending Spain from the alliance or reviewing the US position on the UK's claim to the Falkland Islands. The report cites an internal email and a US official. Spanish Prime Minister Pedro Sanchez was one of the earliest critics of
the war. He called it a violation of international law. Sanchez says he will ma normal cooperation with NATO allies and rely on official positions from Washington, not reports of private emails.
Nathan, a US.
Soldier involved in the capture of then Venezuela and President Nicholas Maduro, has been charged with using classified information to win more than four hundred thousand dollars in an online betting market. Federal officials say Gan and Ken van Dyke placed about thirteen bets in the week leading up to the military operation to make money on the prediction market side poly market. Van Dyke is a Special Forces soldier
based in Fort Bragg, North Carolina. The Justice Department says he was involved in the planning and execution of the Venezuela raid.
Turn back to markets now, Karen.
Futures are mixed as we close out the trading week, though Nasdaq futures are getting a lift from Intel. Those shares wow up twenty four percent in early trading. The chipmaker delivered a sales forecast well above analyst estimates. Bloomberg Technology host ed Ludlow has more on what's the rally.
The Intel story is a CPU story. So in the world of AI, when we move from a place where a lot of the activity is focused on training to inference running the AI models, Intel's feeling that benefit and frankly, they are struggling to keep up with the CPU demand. That's kind of the core story. Margins were better in the court gone largely because of higher revenues, But the outlook for the current period on sales, that's the driver. It is the AI and data center segment.
Bloomberg Tech said.
Ludlow says the upbeat outlook suggests Intel CEO Lip Bhutan is making progress on his plan to improve Intel's operations.
Nathan, the Intel results may fuel another record setting day for chip stocks. The Philadelphia Semiconductor Index is coming off a record seventeen straight winning sessions. It's at more than thirty percent already in April.
Karen, two mammoth tech companies are cutting jobs to help offset AI investments.
We get the story from Bloomberg's Charlie Pellett.
At Microsoft, the early retirement offer wet out to thousands of employees in the US, with about seven percent of the US workforce eligible for the buyouts. The company had one hundred and twenty five thousand employees in the US as of June twenty twenty five, meaning about eight seven hundred and fifty workers could be eligible. Meanwhile, Meta Platforms plans to cut ten percent of its workers in an effort to boost efficiency and offset its heavy spending on artificial intelligence.
In New York.
Charlie Pellett Bloomberg Radio.
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 NTSB says a firefighter whose truck collided with an Air Canada jet last month on a runway at New York's LaGuardia Airport heard an air traffic controller warren stop stop, stop, but did not know who it was for. That's according to an investigative report released on Thursday. The NTSB said in a preliminary report on the March twenty second accident that a crash prevention system for air traffic controllers did not generate an audio or visual alert.
The report said the truck started moving while warning lights that act as a stop sign for crossing traffic were still lit. Both Air Canada pilots were killed. One person has died and five others were hurt when gunfire erupted at the Mall of Louisiana Baton Rouge. Police say yesterday's shooting was not a random act of violence, but a disagreement between two groups of people that ended with gunfire.
Police Chief TJ. Moore says an officer who is always stationed at the mall was able to respond immediately.
This is early in an investigation.
We have five people in custody.
We're still trying to unravel their exact involvement in this.
Chief Moore says, so far, no charges have been filed. A search and rescue operation is underway in Enitt, Oklahoma, where a large, violent tornado touched down last night. Mayor David Mason says that the tornado struck on the south side of the rural town. He says police did get some people out of homes that sustained heavy damage.
They were doing search and rescue.
We have now backed him out so that OSPAK come into a secondary search and dude in quadrats.
Mayor Mason says there are reports of minor injuries. Global News twenty four hours a day and whenever you wanted with the Bloomberg News. Now now Michael Barr and this is Bloomberg.
Hearen.
Thanks Michael, time now for our Bloomberg Sports update and for that we bring in John stash.
Hour, Thanks Karen. Indiana won the national championship in college football. Fernando Mendoza was their Heinsman Trophy winning star quarterback and as everyone expected, he was the first player taken in the draft underway last night in Pittsburgh. He goes to the Las Vegas Raiders. Meanwhile, Ohio State had four players taken in the first eleven picks. Home team's one of the NBA Playoffs Atlanta, a second straight one point went
over the Knicks. Toronto beat Cleveland, Minnesota beat dem for the road teams all one in the Stanley Cup Playoffs. That's to Bloomberg Sports Update.
Stay with us more from Bloomberg day Break coming up after.
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Good morning. I'm Nathan Hager.
The standoff continues between the US and Iran, now more than two weeks into a ceasefire that has turned into a test of wills over the Strait of Horror moves. But President Trump says he's in no hurry to reach a deal with Tehran.
I don't want to rush it.
I want to take my time.
We have plenty of time, and I want to get a great deal.
That was President Trump speaking to reporters yesterday in the Oval Office. Joining us this morning from Dubai is Bloomberg Middle East correspondent and Bloomberg Horizons anchor Jumana Bursecchi. Jumana, is there any sense that Iran is in a hurry to reach a deal? Good morning, Good morning.
Well, no sense whatsoever that there's going to be an imminent other round of discussions. But again, it's one of those situations where we won't know until we're informed, and we know that the Pakistani mediators are really trying hard to bring the two sides back together again. Just an hour ago at Pakistani media outlets are reporting that once again the Prime Minister had been reaching out to senior Iranian officials to see what can be done to bridge
the gap between the two sides. But essentially here and here I'm talking about proceeding to the next phase of discussions. The main sticking point is the Strait and we've heard from the Iranians multiple times of the course of this week and they say that they will not be progressing to the second round of discussions so long as the US naval boockade is in place. President Trump, you played a bit of his comments there. He was saying that they're not going to open the boockade or lift the
boockade until Iran sign on to a deal. So it's a bit of a chicken and egg situation here as stalemates, so to speak. And the question from here is, you know, what shakes the stillmates?
That is the question, isn't it?
Because we've heard from President Trump escalating his rhetoric on social media, talking about the Navy being ordered to shoot boats that lay minds in the Strait.
What impact is the president's war of words having.
Yes, So we are out with some reporting overnight our colleagues in Bloomberg on the b In side, and they're suggesting that, you know, they've had conversations with the Iranian sources, with Arab officials, and the feedback is that a lot of the language and the rhetoric that President Trump has been using on his social media has not gone down well at all. The threats, the threat and the threat to wipe out civilization him proclaiming that Iran had made
all of these concessions and yielded to US demands. That is riling them up and is also another reason potentially for you know, the these talks being held up. Not only is it about the blockade, but also about President Trump's personal style too, which could also be a complicating factor in terms of where we go next.
Yes, in the meantime, we've had talks between Israel and Lebanon in Washington. The President says that ceasefires being extended in our last minute jumana. Could that break the dam between the US and Iran.
It doesn't likely to be the case, because the US have been trying to separate the two tracks, so to speak, So there are two parallel tracks going on here. Welcome news, of course for Lebanon and for the region that the sea is fire between Lebanon and Israel. Orbit I should say between Lebanon's Hezbala and Israel has been extended by
another three weeks. But I should just emphasize these are still preliminary discussions and there are still blows being exchanged in the southern part of Lebanon, where Israel has established a what they would call a buffer zone and security zone up to a yellow line, and because of that, many people in Lebanon are very uncomfortable about whether the
ceasefire is actually going to hold. But the point is the two sides actually are speaking, and what the US is trying to do here is to separate the issue and let Lebanon States handle it as opposed to Iran act as an agent on behalf of Hesbala.
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I'm Nathan Hager.
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