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

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Speaker 1: Doug Chrisner. We are seeing dramatic swings in oil prices

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Speaker 1: at this hour. Shortly before seven pm Eastern, we learned

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Speaker 1: that Iran struck a fully laden Kuwaiti oil tanker in

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Speaker 1: the anchorage area of Dubai's port. The state run Kuwait

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Speaker 1: Petroleum Corporation reported damage to the hull of the vessel

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Speaker 1: and a fire on board, and immediately we saw both

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Speaker 1: WTI crewde and Brent jump four percent. Then came a

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Speaker 1: report from the Wall Street Journal saying President Trump is

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Speaker 1: willing to end the US military campaign against Iran even

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Speaker 1: if the Strait of Hormuz remains largely closed. The journal

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Speaker 1: reports in recent days, Trump and his aides assessed that

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Speaker 1: a mission to open the strait would push the conflict

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Speaker 1: beyond his timeline of four to six weeks. Trump reportedly

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Speaker 1: decided the US should achieve its main goals of hobbling

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Speaker 1: Iran's navy and its missile stocks, then wind down current hostilities,

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Speaker 1: while at the same time pressuring Tehran diplomatically to resume

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Speaker 1: the free flow of trade. And then we saw WTI

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Speaker 1: and Brent crude each lower by one percent. Bloomberg Intelligence

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Speaker 1: senior commodity strategist Mike McGlone says, the worst of the

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Speaker 1: surge in oil may be behind.

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Speaker 2: Us if this continues. Krude oil can it be its

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Speaker 2: own worst enemy? When it spikes of this velocity, it

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Speaker 2: usually ends up going lower. And I'll end with one

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Speaker 2: key example. It seems like to me it's very similar.

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Speaker 2: Two thousand and eight, Krudel peaked at one forty seven

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Speaker 2: and by the end the year is down at thirty two.

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Speaker 2: By the time we get the midterms, I think that

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Speaker 2: WTI Krudell future contracts more likely to be closer to

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Speaker 2: fifty than one hundred.

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Speaker 1: Mike mcgloone from Bloomberg Intelligence. A new poll today shows

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Speaker 1: sixty five percent of American sphere the price of gasoline

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Speaker 1: is headed still higher. Here is Cliff Young, US president

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Speaker 1: of the polling firm IPSOS.

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Speaker 3: Typically foreign interventions don't affect domestic issues, but in this

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Speaker 3: specific case, obviously the price of oil is critical for everyone,

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Speaker 3: and for Americans household budgets most importantly, how much am

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Speaker 3: I paying at the gas pump? Can I make ends meet?

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Speaker 3: Can I afford things and make my family go?

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Speaker 1: That is ibso's president Cliff Young, speaking earlier to Bloomberg's

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Speaker 1: Balance of Power. Incidentally, as of Sunday, the average price

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Speaker 1: of US retail gasoline stood at three dollars ninety nine

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Speaker 1: cents a gallon. That's according to Triple A. Secretary of

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Speaker 1: State Marco Rubio saying today the US may need to

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Speaker 1: reassess its relationship with NATO after the Iran war is finished.

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Speaker 1: Rubio warned the current arrangement may not be sustainable if

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Speaker 1: allies expect US protection but don't provide reciprocal support. In

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Speaker 1: an interview today with Al Jazeera, Rubio called NATO's alleged

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Speaker 1: lack of support in the Middle East conflict very disappointing.

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Speaker 4: If NATO is just about US defending Europe of their attack,

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Speaker 4: but them denying US basing rights when we need them,

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Speaker 4: that's not a very good arrangement. That's a hard one

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Speaker 4: to stay engaged in it and say this is good

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Speaker 4: for the United States. So all of them is going

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Speaker 4: to have to be re examined.

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Speaker 1: That is Secretary of State Marco Rubio speaking to Al Jazeera.

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Speaker 1: Here remarks come as US allies resist deeper involvement in

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Speaker 1: the conflict Spain closed its airspace to American flights involved

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Speaker 1: in its military operation in Iran. The White House is

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Speaker 1: urging members of Congress to cut their two week resas

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Speaker 1: short and return to Washington to continue negotiating the partial

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Speaker 1: shutdown affecting the Department of Homeland Security now. On Friday,

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Speaker 1: President Trump signed an executive order to pay TSA agents

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Speaker 1: after some airports dealt with hours long waits and agents quitting.

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Speaker 1: Here is White House Press Secretary Caroline Levitt.

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Speaker 5: The President just can't keep signing presidential memorandums and proclabations

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Speaker 5: every time Congress fails to do its job, and every

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Speaker 5: time Democrats are holding our entire country hostage, picking and

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Speaker 5: choosing which programs and agencies they want to fund. The

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Speaker 5: President has stepped in to do the right thing at

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Speaker 5: this moment in time. But the President is also encouraging

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Speaker 5: Congress to come back to Washington up to permanently fix

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Speaker 5: this problem and to fund and reopen the Department of

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Speaker 5: Homeland Security entirely.

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Speaker 1: That is White House Press Secretary Caroline Levitt. By the way,

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Speaker 1: last Friday, the House did pass a short term funding

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Speaker 1: measure that would fund DHS through May twenty second, and

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Speaker 1: that bill was passed in response to another bill approved

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Speaker 1: by the Senate to fund DHS except for ice and

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Speaker 1: Border patrol. Those two agencies are currently funded through a

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Speaker 1: separate appropriation. Now, the partial shutdown of DHS has surpassed

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Speaker 1: the six week mark. Among the company's reporting earnings on Tuesday,

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Speaker 1: after the close of trading, Nike, we have a preview

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Speaker 1: from Bloomberg's Charlie Pellett.

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Speaker 6: It's been a tough start to the year for Nike shares.

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Speaker 6: They are down more than nineteen percent. The big focus

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Speaker 6: for investors will be on how CEO Elliott Hills strategy

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Speaker 6: continues to impact the brand. Investors will also be looking

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Speaker 6: for signs of progress in Nike's struggling Greater China division.

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Speaker 6: The total fiscal third quarter revenue estimate for the quarter

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Speaker 6: is eleven point two four billion, according to the Bloomberg consensus,

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Speaker 6: with North American revenue scene coming in at five billion.

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Speaker 6: In New York. Charlie Pellett Bloomberg Radio.

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Speaker 1: Two Elite eight matchups in the NCAA Women's Tournament were

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Speaker 1: decided tonight. In the first case, Texas beat Michigan seventy

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Speaker 1: seven forty one, and then South Carolina defeated TCU seventy

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Speaker 1: eight to fifty two. So now in the next round,

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Speaker 1: the Longhorns will face off against UCLA and South Carolina

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Speaker 1: will go up against Yukon in a rematch of last

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Speaker 1: year's final. The winners of these contests will go on

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Speaker 1: to play each other in the National Championship Game on Sunday.

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Speaker 1: And that is news when you want it with Bloomberg

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Speaker 1: News Now, I'm Doug Chrisner and this is Bloomberg