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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: ad Kleggi. The United Arab Emirates and Kuwait started reducing

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Speaker 1: oil production as the near closure of the crucial Strait

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Speaker 1: of Hormuz ripples through energy markets and affects global supply.

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Speaker 1: Abudabi National Oil is quote managing offshore production levels to

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Speaker 1: address storage requirements. The company said this in a statement

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Speaker 1: without giving details. Kuwait Petroleum said it was lowering production

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Speaker 1: at both its oil fields and refineries after quote Iranian

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Speaker 1: threats against safe passage of ships through the Strait of Hormuz.

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Speaker 1: The war in the Middle East has all but closed Hormuz,

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Speaker 1: the narrow waterway linking the Persian Gulf to the open Seas,

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Speaker 1: to maritime traffic, following Iranian threats to shipping. That's clogged

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Speaker 1: up exports from the world's top oil producing region and

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Speaker 1: helped drive prices in London to the highest close in

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Speaker 1: more than two years, at almost ninety three dollars a barrel,

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Speaker 1: sending consumers searching for alternatives and threatening to push global

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Speaker 1: inflation higher. The Director of the National Economic Council, Kevin Hassett,

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Speaker 1: talked to Bloomberg on Friday. He said the US has

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Speaker 1: no plans to tap into oil reserves. Bloomberg's Mike McKee

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Speaker 1: tells us it could eventually be an option.

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Speaker 2: It's always on the table because you have it, but

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Speaker 2: it's less than half full because it hasn't been refilled

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Speaker 2: from the Biden administration letting it go. So there's a

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Speaker 2: concern that if you use that now, you will run

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Speaker 2: dry too early in what might be a lengthy problem

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Speaker 2: getting oil. So it's not likely to happen in the

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Speaker 2: short term. But the administration is David, as you suggest,

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Speaker 2: sort of flailing about trying to find a way to

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Speaker 2: mitigate the pain, mitigate the headlines.

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Speaker 1: There was Bloomberg's Mike McKee on Saturday's edition of Bloomberg

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Speaker 1: This weekend. You can catch the Sunday program tomorrow at

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Speaker 1: seven am Eastern and at Truth Social Posts. Saturday afternoon,

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Speaker 1: President Trump said the United States does not need British

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Speaker 1: aircraft carriers in the conflict with Iran, telling UK Prime

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Speaker 1: Minister Kure Starmer that the US can handle the war

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Speaker 1: effort on its own. Earlier in the day, the President

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Speaker 1: addressed the war in Iran while making remarks of the

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Speaker 1: sh Shield of the Americas summit in South Florida and said,

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Speaker 1: the US has made a lot of progress.

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Speaker 3: This had to be done. They were very close to

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Speaker 3: a nuclear weapon. They would have had one if we

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Speaker 3: didn't do our B two hit Midnight Hammer. They would

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Speaker 3: have had it eight months ago. They would have had

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Speaker 3: a nuclear weapon, and you know they're crazy and they

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Speaker 3: would have used it. So we did the world a favor.

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Speaker 1: After speaking, the President then went to social media and

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Speaker 1: threatened to escalate the war today with very hard strikes

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Speaker 1: unless it Ron surrenders. A spokesman for the Islamic Revolutionary

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Speaker 1: Guard set on state TV, Iran is fully prepared to

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Speaker 1: continue an intense, all out war at the current rhythm

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Speaker 1: for at least six months. Meanwhile, the president of the UAE,

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Speaker 1: Shaik Mohammad bin Zayed al Naion, is warning Iran not

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Speaker 1: to attack it as the Islamic Republic ramps up its

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Speaker 1: response to US and Israeli bombing. Shak Muhammad said the

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Speaker 1: UAE has thick skin and bitter flesh, and we are

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Speaker 1: no easy prey. Trump and administration officials were on hand

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Speaker 1: at Dover Air Force Base in Delaware Saturday afternoon for

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Speaker 1: the dignified Transfer of the remains of six US military

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Speaker 1: members who were killed in the war with Iran. The

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Speaker 1: bodies were taken off of military transport loaded into vans

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Speaker 1: as Trump was joined by dignitaries that included First Lady

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Speaker 1: Malania Trump, Vice President jd Vance, Defense Secretary Pete Hexith,

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Speaker 1: and General Dan Kain, and the Chairman of the Joint

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Speaker 1: Chiefs of Staff at a summit luncheon on Saturday. Special

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Speaker 1: Envoy for the Shield of the America's Christy Nomes said

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Speaker 1: the US is working with Latin American leaders to target

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Speaker 1: trafficking cartels and strengthen mitigation control.

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Speaker 4: Our objectives are going to be to destroy the cartels,

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Speaker 4: to go after these narco terrorists that are destroying our people,

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Speaker 4: killing our children and our grandchildren. We're also going to

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Speaker 4: keep our adversaries at bay. Those adversaries that wish to

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Speaker 4: change our way of life and our values that are

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Speaker 4: outside of our hemisphere. We want to ensure that we're

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Speaker 4: continuing to keep them out of our hemisphere and focus

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Speaker 4: on building a line amongst ourselves and our strengths.

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Speaker 1: Finland's President Alexander stub says Ukraine stands to see some

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Speaker 1: benefits from the conflict in the Middle East.

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Speaker 5: I think the end of that war is going to

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Speaker 5: be very transactional as well. And I say this big

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Speaker 5: piece mediator is the United States. So the effects on Ukraine,

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Speaker 5: which I look at, there's at least one positive effect,

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Speaker 5: and that is that Iran and Russia are not able

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Speaker 5: to cooperate right in terms of missiles or defense industry.

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Speaker 1: The President of Finland, Alexander stub Polymarkets facing criticism over

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Speaker 1: increasing amounts of war bets Bloomberg's Monica Rex reports.

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Speaker 6: Polymarket founder and CEO Shane Koplin has acknowledged that when

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Speaker 6: it comes to this war in Iran, the prediction market's

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Speaker 6: rising visibility could make it a liability. Polymarkets facing criticism

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Speaker 6: over insider trading risks and the ethics of wagering on

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Speaker 6: conflict betters placed more than four hundred and twenty five

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Speaker 6: million dollars in bets on geopolitical questions on the platform

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Speaker 6: in the leading up to the attacks in Iran, nearly

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Speaker 6: triple the wagers from a week before. But Complin has

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Speaker 6: described Iran as complicated, especially as Polymarket and other prediction

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Speaker 6: markets like Calci go unregulated, Monica Rix, Bloomberg Radio.

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Speaker 1: Authorities arrested six people connected to unrest during an anti

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Speaker 1: Muslim protest outside the residents of New York City Mayor

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Speaker 1: Zorn mam Donni that prompted a bomb squad response and

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Speaker 1: a terrorism investigation. New York City Police Commissioner Jessica Tish

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Speaker 1: said two of the individuals arrested were accused of handling

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Speaker 1: and igniting improvised explosives, which appeared to be jars wrapped

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Speaker 1: in black tape with nuts, bolts and screws attached and

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Speaker 1: fitted with hobby fuses. Mamdani is New York's first Muslim mayer.

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Speaker 1: That's news when you want it with Bloomberg News. Now

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Speaker 1: I made Kleggy. This is Bloomberg