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

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Speaker 1: Doug Prisner. President Trump says the US will keep up

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Speaker 1: its military offensive against Iran for as long as it takes.

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Speaker 1: Speaking publicly for the first time since US and Israeli

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Speaker 1: attacks began on Saturday, Trump outlined his goals for the operation.

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Speaker 2: Our objectives are clear. First, we're destroying orends missile capabilities,

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Speaker 2: and you see that happening on an hourly basis, and

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Speaker 2: their capacity to produce brand new ones and pretty good

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Speaker 2: ones they make. Second, we're annihilating their navy. We've knocked

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Speaker 2: out already ten ships. They're at the bottom of the

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Speaker 2: c Third, we're ensuring that the world's number one sponsor

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Speaker 2: of tara can never obtain a nuclear weapon now.

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Speaker 1: Trump said the administration planned on a four to five

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Speaker 1: week long campaign, and he said it's now a head

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Speaker 1: of schedule. Meantime, US Secretary of State Marco Rubio said

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Speaker 1: the hardest hits are yet to come. Phase will be

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Speaker 1: even more punishing on Iran than it is right now.

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Speaker 1: Someone will streaming how long will it take? I don't

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Speaker 1: know how long it'll take.

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Speaker 3: We have objectives.

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Speaker 4: We will do this as long as it takes to

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Speaker 4: achieve those objectives, and we will achieve those objectives.

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Speaker 3: The world will be a safer place when we're done

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Speaker 3: with this operation.

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Speaker 1: Earlier today, Defense Secretary Pete Hegseth said the campaign will

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Speaker 1: not lead the US into an endless war.

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Speaker 3: And so President Trump ensures that our enemies understand, will.

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Speaker 5: Go as far as we need to go to advanced

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Speaker 5: American interest.

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Speaker 1: But we're not dumb about it.

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Speaker 3: You don't have to roll two hundred thousand people in

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Speaker 3: there and stay for twenty years now.

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Speaker 1: So far, six US service members have been killed in

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Speaker 1: this action, and Trump said there will likely be more casualties,

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Speaker 1: but he insisted the operation will insure US security well

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Speaker 1: into the future. In Saudi Arabia, the Ministry of Defense

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Speaker 1: says it intercepted and destroyed eight drones believed to have

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Speaker 1: been fired from Iran toward Riod and Al Kharje Now

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Speaker 1: Al Kharjes houses the Prince Sultan Us Air Base. This

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Speaker 1: incident follows an early attacked by two drones on the

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Speaker 1: US embassy in Riod that led to a shelter in

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Speaker 1: place order for the cities of Riod, Jetta, and Dhran. Meantime,

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Speaker 1: Israel says it has completed a wave of strikes targeting

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Speaker 1: the command centers in Tehran. In a message today on telegram,

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Speaker 1: the IDF said its air force targeted the headquarters, bases

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Speaker 1: and regional command centers of Iran's internal security bodies. Crude

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Speaker 1: oil rally today after shipping through the Strait of Hormuz

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Speaker 1: came to a near standstill. Now roughly twenty percent of

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Speaker 1: global oil exports passed through this narrow waterway. Late in

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Speaker 1: the day, an advisor to the Islamic Revolutionary Guard said

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Speaker 1: Iranian forces will set fire to any ship attempting to

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Speaker 1: pass through the strait. The quote was, we won't allow

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Speaker 1: a single drop of oil to leave the region. We

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Speaker 1: got reaction from Bob McNally of Rapidan Energy Advisors.

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Speaker 5: I think there's a real risk and our base case

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Speaker 5: would be that this will last more like weeks. We're

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Speaker 5: thinking fifteen days as sort of our new base case,

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Speaker 5: with more or less horror MOUs pretty much closed. And

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Speaker 5: if that turns out to be correct, then we have

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Speaker 5: a lot higher to go in both oil, refined product

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Speaker 5: and even natural gas.

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Speaker 1: Brod McNally there from Rapidan Energy Advisors. Cutter meantime, has

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Speaker 1: shut down its LNG production at the world's largest export

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Speaker 1: facility after being targeted in an Iranian drone attack. Separately,

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Speaker 1: we are being told the UAE and Cutter privately lobbied

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Speaker 1: allies to persuade President Trump to keep operations against Iran short.

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Speaker 1: The United Nations Nuclear Watchdog says military action alone will

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Speaker 1: not be able to resolve ambiguity over Iran's nuclear ambitions.

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Speaker 1: Raphael Grossi is the Director General of the IAEA.

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Speaker 6: At some point these will come to an end, hopefully

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Speaker 6: sooner rather than later. And with that happens, you will

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Speaker 6: still have a question mark around these activities, these new

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Speaker 6: clear activities, and we will have to go back to

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Speaker 6: the negotiating table. This is what we mean when we

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Speaker 6: say we need a diplomatic solution.

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Speaker 1: That is Raphael Grossi. He is the Director General of

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Speaker 1: the IAEA. JP Morgan Chase CEO Jamie Diamond says there

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Speaker 1: is more optimism in the market than there should be

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Speaker 1: given all the risk. Diamond also thinks the probabilities of

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Speaker 1: something going south are more than other people think, and

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Speaker 1: he said inflation will cause an economic downturn as.

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Speaker 4: The price are going to I gross breds are going

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Speaker 4: to low. There's got a lot of complacence in the market.

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Speaker 4: I'm not sure, you know, we look at risk, we

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Speaker 4: look at the broad range of outcomes, and there are

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Speaker 4: negative outcomes, but one of them would be, you know, inflation.

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Speaker 4: I called that's the skunk at the party.

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Speaker 1: That is JP Morgan Chase CEO Jamie Dimond, speaking earlier

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Speaker 1: to Bloomberg. In Texas, several incumbent lawmakers are at risk

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Speaker 1: of losing their jobs in the first congressional primary of

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Speaker 1: the twenty twenty sixth election. Here is Bloomberg's Amy Morris.

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Speaker 1: In Washington.

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Speaker 3: On the House side, Representatives Tony Gonzales and Dan Crenshaw

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Speaker 3: are vulnerable because of personal scandal and they've antagonized some Republicans,

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Speaker 3: but after Republican legislators redrew congressional lines. In Texas, Democrats

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Speaker 3: Al Green and Julie Johnson are also at risk of

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Speaker 3: losing their seats. But in the Senate, Republican John Cornan,

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Speaker 3: who has two decades in the Senate, faces a challenge

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Speaker 3: from Texas Attorney General Ken Paxton, who brings with him

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Speaker 3: legal and personal controversies. Cornyn telling The Washington Post that

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Speaker 3: he cannot in good conscience turn the job over to

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Speaker 3: somebody as corrupt as Paxton in Washington, Amy Moore as

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Speaker 3: Bloomberg Radio.

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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