Ukraine-Russia War: Trump, Zelenskiy Rome Meeting; Trump Rebukes Putin
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, Asia shares had a modest start to the week as investors await progress in US trade negotiations with the region. Investors will focus on key economic data, US jobs and GDP data out later this week, and the Bank of Bank of Japan's rate decision to see if the recent steadiness in markets will continue as tariff tensions tamp down. Meanwhile, Ukrainian President Zelenskiy says he's hopeful for a 'reliable and lasting peace' after meeting one-on-one with Donald Trump in Rome during Pope Francis' funeral. Today's Guests: Naomi Fink, Chief Global Strategist at Nikko Asset Management & Evolve Dynamics CEO Tom Redman (Source: Bloomberg)
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Newsweek
an hour ago
- Newsweek
What Trump's Strikes on Iran Mean for Gas Prices As Oil Costs Surge
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Amid the conflict between Israel and Iran, oil prices have been surging, and after President Donald Trump announced on Saturday the U.S. would be joining the attack on Iran's nuclear sites, concern has been raised over what this means for gas prices in America. The U.S. dropped bombs on Iran's three main nuclear sites on Saturday night—Fordow, Natanz and Isfahan—escalating fears of an expansion of the Middle Eastern conflict that could throw the oil market into turmoil. With much of the West already seeing spikes in costs, further increases could be looming as the conflict continues. Why It Matters After the U.S. attack, the Iran's reaction will reveal whether the conflict could develop into a major regional or even international conflict. Iran may retaliate against U.S. forces in the region, cut off a global oil supply route or try to accelerate its nuclear program. Although, Trump has warned of further military action if Tehran does not now decide to make peace. File photo: Fuel prices on a fuel pump at a Mobil gas station. File photo: Fuel prices on a fuel pump at a Mobil gas station. Aaron M. Sprecher/AP What To Know In the past week, Brent Crude oil stocks have already jumped 11 percent since Israel attacked Iran and is expected to continue rising on Monday, according to Emirati newspaper Gulf News, although prices have been fluctuating. The oil market had stabilized on Friday, according to Reuters, after the U.S. imposed new Iran-related sanctions, which fueled hopes that a negotiated agreement could be made between the two countries. That relief in the market was only temporary as after Iran threatened to close the Strait of Hormuz, the world's most important oil chokepoint, in response to the U.S. strikes. Fears that Iran could attack U.S. oil infrastructure in the region, and levy its power over the Straits of Hormuz could "combine to make prices and speculation rise about the security and dependability of supply," Greg Kennedy, director of the Economic Conflict and Competition Research Group at King's College London told Newsweek. "Lack of clarity of how long this condition will last will also lead to hoarding or preemptive purchasing by other nations, so there are competition supply fears that will drive up prices," he added. Reflecting on the knock-on effect this would have on U.S. gas prices, Kennedy said that in the long term, the conflict "will most certainly see energy prices go up at the pumps." "This is not an act that just stays in the Gulf region, it has wider global strategic ripples," he said. Kennedy said that higher oil prices could also mean that Russia is able to gain more money—oil from the Urals region has already increased by 26 percent in the past month. "This is making war in Ukraine last longer now as well as it gives [President Vladimir] Putin both political and economic ammunition to continue his war efforts and avoid the need for peace talks." What People Are Saying Greg Kennedy, director of the Economic Conflict and Competition Research Group at King's College London told Newsweek: "The overall impact of actions that make the world look even less safe than it was previously was is always a cost to the civilian sector and society as a whole." What Happens Next As the conflict, and its repercussions, continue to unfold in the next few days, it will become more clear how significant the prices hikes will be.
Yahoo
2 hours ago
- Yahoo
Trump Will Delay Enforcing TikTok Ban for a Third Time, White House Says
Under a U.S. law that went into effect Jan. 19, 2025, it is illegal for American companies to host or distribute TikTok in the country as long as it remains controlled by its Chinese owner, ByteDance. The legislation passed last year with overwhelming bipartisan support, on fears that the popular video entertainment app's ties to China's communist regime make it a national security risk. The Supreme Court rejected a challenge to the ban. But since taking office, President Donald Trump has issued two executive orders delaying enforcement of the law, and now he's going to give TikTok — which has said it has more than 170 million U.S. users — yet another stay of execution. More from Variety Trump's $499 Gold Smartphone Is Probably Being Made in China, According to Experts Trump Mobile: President's Company Unveils Wireless Service Delivered via AT&T, Verizon and T-Mobile, Plans to Launch a U.S.-Made 'Sleek, Gold' Android Smartphone Shakira Says Being an Immigrant in the United States Means 'Living in Constant Fear': 'The Treatment of All People Must Always Be Humane' On Tuesday, White House press secretary Karoline Leavitt said Trump will sign an additional executive order this week 'to keep TikTok up and running.' The new deadline to reach a deal that would keep TikTok legal is now mid-September. 'As he has said many times, President Trump does not want TikTok to go dark,' Leavitt said in a statement (via CBS News). 'This extension will last 90 days, which the Administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.' Earlier Tuesday, Trump told reporters on Air Force One that a TikTok deal would probably require approval by China's government and he said, 'I think President Xi will ultimately approve it, yes.' Asked whether he has the legal authority to extend the deadline yet again, Trump claimed, 'Yes, I do.' Under the Protecting Americans from Foreign Adversary Controlled Applications Act, ByteDance is required to sell a controlling interest in TikTok to non-Chinese owners or be outlawed. The law does not permit Trump to postpone enforcement of the law. But he has done so anyway, as his administration tries to figure out a new structure for TikTok in the U.S. that would comply with the law. The Trump administration reportedly proposed spinning off TikTok's U.S. business into a new company majority-owned by U.S. investors, with ByteDance retaining a stake of less than 20% to comply with the law. Potential investors in TikTok could include Oracle, Blackstone and venture capital firm Andreessen Horowitz, which have been reported to be part of the deal talks. Oracle is seen as a logical partner, as the company has an existing agreement to host TikTok's U.S. user data. But the deal evidently fell apart amid rising tensions between the U.S. and China over Trump's move to impose steep tariffs on Chinese goods. In April, prior to Trump's previous deadline, ByteDance said that it was in discussions with U.S. government officials 'regarding a potential solution for TikTok U.S.' but that an agreement was not finalized because 'there are key matters to be resolved.' ByteDance also said any agreement would be subject to approval under Chinese law. After TikTok lost an appeal to the Supreme Court challenging the divest-or-ban law on First Amendment grounds, the app briefly shut down in the U.S. on Jan. 18. But less than 12 hours later, TikTok restored service — citing Trump's pledge to not enforce the ban while he sought to find a solution. Meanwhile, Apple and Google pulled TikTok from their U.S. app stores amid legal uncertainty over Trump's executive order delaying enforcement of the TikTok-targeted law, but restored TikTok in February after assurances from the White House they would not be held criminally liable for doing so. Trump, during his first term as U.S. president, tried to ban TikTok on national-security grounds but those efforts were shot down by federal courts. Trump joined TikTok in June 2024 during his presidential campaign. At a press conference in December, Trump said, 'I have a warm spot in my heart for TikTok' because the app helped drive support for him among young voters. ByteDance has said 60% of its ownership is represented by 'global institutional investors' including BlackRock, General Atlantic and Susquehanna, with 20% owned by its Chinese founders and 20% by employees including those in the U.S. Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? 25 Hollywood Legends Who Deserve an Honorary Oscar
Yahoo
2 hours ago
- Yahoo
How could Iran respond to the U.S. attack on key nuclear sites? Its options are the ‘strategic equivalent of a suicide bombing,' expert says
President Donald Trump announced Saturday night that the U.S. had bombed three key nuclear facilities in Iran and threatened more attacks if Tehran doesn't seek peace. All eyes are on Iran to see how it will retaliate. But an expert on the country said most of its options would likely induce a response that the regime would't survive. After U.S. strikes on three key nuclear facilities in Iran late Saturday, all eyes are on Tehran to see how it will respond. Until now, the fighting had mostly involved Iran and Israel, which launched airstrikes on the Islamic republic last week. President Donald Trump's decision to send bombers and cruise missiles into Iran dramatically escalates the conflict and moves the U.S. into offensive operations, not just a defensive posture to protect Israel and American troops in the region. Foreign Minister Abbas Araghchi said on social media that Iran 'reserves all options' in defending itself. While Trump threatened more attacks unless Iran seeks peace, Karim Sadjadpour, a senior fellow at the Carnegie Endowment for International Peace and a top Iran expert, said it's unlikely the country's leadership will go that route. But its response could also prove to be catastrophic. 'Many of Iran's retaliatory options are the strategic equivalent of a suicide bombing,' he said in a series of posts on X. 'They can strike US embassies and bases, attack oil facilities in the Persian Gulf, mine the Strait of Hormuz, or rain missiles on Israel—but the regime may not survive the blowback.' Energy markets are poised to suffer a major jolt as investors digest the implications of the U.S. bombing Iran, a top oil exporter. Crude prices had already surged in the immediate aftermath of Israel's airstrikes, and could soar even higher, depending on how Iran responds. In a note last week, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil prices above $120 per barrel. That's because the Strait of Hormuz is a critical choke point in the global energy trade, as the equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the narrow waterway. Iran's ability to use proxies and allies in the region to retaliate on its behalf has also been severely weakened as earlier Israeli attacks have crippled Syria, Hezbollah, and Hamas. Meanwhile, Sadjadpour noted that Iran's Revolutionary Guards are a substantial force of 190,000 troops, but not monolithic. 'Do they continue to defer to the 86-year-old Khamenei as their commander in chief, though his regional and nuclear ambitions have now ended in colossal failure?' he asked. Other analysts also warned of the potential for Iran to retaliate by taking Americans as hostages or launching cyberattacks. And Iran-allied Houthi rebels in Yemen said before Saturday that any U.S. attack on Iran would trigger attacks on U.S. vessels in the region. But retired Army Gen. Wesley Clark, who previously served as the Supreme Allied Commander in Europe, told CNN that he doesn't think Iran will resort to a maximum response like blocking the Strait of Hormuz. Instead, it may launch some missiles at U.S. bases in the region or direct pro-Tehran militias in Iraq to attack U.S. forces. 'I don't see a major response,' he predicted. 'This Iranian regime calculates. It's very careful to understand where it wants to go.' There are about 50,000 U.S. troops in the region, mostly spread out across Kuwait, Qatar, Bahrain, the United Arab Emirates, Iraq and Saudi Arabia. For now, it's not clear yet that the U.S. attacks on Iran will prove to be decisive. Sadjadpour noted that Supreme Leader Ali Khamenei believes caving in to pressure projects weakness and invites more pressure. But he also said Khamenei is not a 'reckless gambler,' creating tension between his survival instincts and his defiant instincts. 'This is an unprecedented moment in Iranian history,' Sadjadpour added. 'It could entrench the regime—or hasten its demise. It could prevent a nuclear Iran—or accelerate one. Military attacks/humiliations have both strengthened dictatorships (Iran 1980) and weakened them (Argentina, Milosevic).' This story was originally featured on
