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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today. Breaking across the Bloomberg

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Speaker 2: this morning, the International Energy Agency is proposing a release

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Speaker 2: of emergency oil reserves that would be the largest ever

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Speaker 2: in its history. Sources tell Bloomberg that the IEA has

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Speaker 2: proposed a release in the range of about three hundred

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Speaker 2: million to four hundred million barrels as governments seek to

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Speaker 2: contain a spike and energy prices driven by the Middle

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Speaker 2: East War. Begin More from Bloomberg Middle East Breaking News

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Speaker 2: editor Patrick Sykes.

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Speaker 3: That would be a huge amount of supplied potentially to

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Speaker 3: enter the market at a time when, of course, lots

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Speaker 3: and lots of ships are stuck on the wrong side

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Speaker 3: of the straight up ball moves in the Persian Gulf,

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Speaker 3: and some of those producers in the Middle East have

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Speaker 3: had to shut in production or put it back at

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Speaker 3: least as a result of the crisis.

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Speaker 2: Bloomberg's Patrick Saike says the near total closure at the

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Speaker 2: Strait of Horror Moose have led to cuts from Persian

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Speaker 2: golf producers that have so far shaved about six percent

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Speaker 2: of global oil output, and.

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Speaker 4: As the war enters its twelfth day careen, the White

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Speaker 4: House has been sending mixed messages. First, Energy Secretary Chris

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Speaker 4: Wright posted and deleted a message that the US Navy

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Speaker 4: had escorted a tanker through the Strait. White House Press

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Speaker 4: Secretary Caroline Levitt says the military is still working on

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Speaker 4: options to keep Hormose open.

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Speaker 5: The US military is jarring up additional options following the

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Speaker 5: President's directive to continue keeping the straight up from Moose open.

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Speaker 2: White House spokeswoman Caroline Levitt, then President Trump posted there

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Speaker 2: were no reports of Iran laying mines in the Strait,

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Speaker 2: only to announce later that the US had destroyed ten

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Speaker 2: inactive mine laying boats. All this as a tax continue

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Speaker 2: for a twelve a day and we get the very

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Speaker 2: latest from Bloomberg's owner Aunt in Dubai.

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Speaker 5: Yesterday marked the most intense date of strikes on Iran

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Speaker 5: by the US equity American officials, and overnight into Wednesday,

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Speaker 5: we have seen countries in the Persian Gulf intercepting various

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Speaker 5: drawn and missile launches from Iran, some of them headed

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Speaker 5: for again other energy assets, including the Sheba oilfield in

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Speaker 5: Saudi Arabia as well as the Eastern Region in Saudi

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Speaker 5: Arabia again, which is home to some of the some

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Speaker 5: of the largest oil producing assets in.

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Speaker 2: The Kingdom, and Bloomberg's on Iran says the UK Navy

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Speaker 2: reported three ships hit by suspected projectiles in the Straight

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Speaker 2: Up Our Moves and the Persian Golf this morning. One

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Speaker 2: of them was a cargo ship that had a fire

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Speaker 2: on board. And one of the two members of the

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Speaker 2: Iranian women's soccer team who was granted asylum by Australia

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Speaker 2: last night has decided to to draw her claim and

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Speaker 2: return to Iran. Several members of the team were branded

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Speaker 2: traders after they failed to sing their national anthem before

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Speaker 2: a Women's Asian Cup match last week.

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Speaker 4: Well Karen analysts are weighing in on whether this will

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Speaker 4: be a short or long conflict. Richard is President Emeritis

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Speaker 4: at the Council on Foreign Relations.

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Speaker 6: The problem with the US position is it only took

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Speaker 6: one to start the war US, but it's going to

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Speaker 6: take three to end it. And that's mean first of all,

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Speaker 6: the United States is going to have to, shall we say,

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Speaker 6: lean on Israel to be blunt to bring the war

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Speaker 6: to an end. Sooner than the Prime Minister wants. Even

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Speaker 6: more difficult is the United States, so is going to

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Speaker 6: have to persuade Iran to bring a war to this

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Speaker 6: war to an end, and that I think is going

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Speaker 6: to be the biggest challenge for this president who increasingly

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Speaker 6: wants to wrap this up to Claire victory, declare mission accomplished.

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Speaker 6: But again he doesn't have the power to do that.

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Speaker 6: He's got to bring a run.

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Speaker 4: Around Council on Foreign Relations. President Emeredis Richard Haas spoke

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Speaker 4: to Bloomberg's Romain Bostic and Katie Grindfeld. You can watch

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Speaker 4: their full interview on our new video Experience on the

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Speaker 4: Bloomberg Business app.

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Speaker 2: Well, we turned to politics at Home now. Nathan in

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Speaker 2: one of the most conservative congressional districts in the US.

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Speaker 2: A special election in Georgia to replace former Representative Marjorie

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Speaker 2: Taylor Green has an unusual runoff, a Democrat facing a

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Speaker 2: Republican endorsed by President Trump. The Democrat, Sean Harris, is

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Speaker 2: a retired Army general and cattle farmer. He leads Republican

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Speaker 2: district attorney Clay Fuller thirty seven point three to thirty

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Speaker 2: four point nine percent, with ninety nine percent of the

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Speaker 2: vote counted. Both candidates will face off again after neither

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Speaker 2: of them won the majority in a seventeen candidate field.

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Speaker 2: Harris spoke with the Bloomberg's Balance of Power before the

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Speaker 2: votes were counted and said he has what it takes

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Speaker 2: to win.

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Speaker 7: My name is the name that people know and trust

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Speaker 7: here in the district, and that's why we're actually going

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Speaker 7: to win this thing tonight. And if we don't win

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Speaker 7: in tonight, we're going to win the runoff because I'm

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Speaker 7: getting Democrats independence and yes, Republicans are voting for me.

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Speaker 2: And Georgia Democrat John Harris will face Clay Fuller and

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Speaker 2: in April seventh runoff to fill the remainder of Marjorie

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Speaker 2: Taylor Green's term this year then Karen.

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Speaker 4: It was also a primary election day in Mississippi and

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Speaker 4: incumbent Republican Senator Cindy Hyde Smith will face Democratic challenger

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Speaker 4: Scott Collum in the after they easily won their races.

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Speaker 4: Hyde Smith was endorsed by President Trump, and with ninety

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Speaker 4: three percent of votes counted, she defeated Sarah Adlodka eighty

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Speaker 4: point eight to nineteen point two percent. Column received seventy

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Speaker 4: three percent of the Democratic votes, and House incumbents, including

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Speaker 4: longtime Democratic Congressman Benny Thompson, also easily won their Mississippi

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Speaker 4: primary races.

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Speaker 2: And we are hearing now that the International Energy Agency

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Speaker 2: is proposing a release of reserves oil stockpire release of

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Speaker 2: about three hundred to four hundred million barrels. Still, NIMEGX

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Speaker 2: screwde oil remains higher this morning a four point eight

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Speaker 2: percent of four dollars three cents at eighty seven dollars

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Speaker 2: forty eight cents a barrel. Brent is up four and

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Speaker 2: a quarter percent. It's at ninety one dollars forty one cents, and.

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Speaker 4: Karen futures are lower this morning. Ahead of a key

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Speaker 4: reading on inflation before the opening bill, we get the

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Speaker 4: consumer Price Index for the month of February. It's projected

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Speaker 4: to show core inflation stripping out volatile energy and food

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Speaker 4: prices rose two tenths percent last month.

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Speaker 2: And right now, taking a look at Oracle and Company news,

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Speaker 2: shares are up ten percent in early trading. Revenue top

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Speaker 2: analyst estimates, and the software maker gave an outlook that

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Speaker 2: suggested there is little letup and demand for AI computing.

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Speaker 2: Aniragrana covers Oracle for Bloomberg Intelligence.

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Speaker 8: It's actually very clean numbers. I think the things that

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Speaker 8: sticks out most as capital expenditure is not going to

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Speaker 8: go up. I think people are worried about a lot

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Speaker 8: of these cloud providers adding to capex, so that's a

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Speaker 8: good thing, which revenue slightly higher, capex remaining flat, the

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Speaker 8: backlog is growing, So I think this is a good

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Speaker 8: print from multiple facets.

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Speaker 2: And Bloomberg Intelligence is anaag Rana notes that before the report,

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Speaker 2: Oracles stock had lost more than fifty percent of its

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Speaker 2: value from mid September peak as Wall Street grew worried

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Speaker 2: about its high AI costs.

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Speaker 4: Wall Street's biggest bank, JP Morgan Chase Karen is restricting

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Speaker 4: its lending to private credit funds after marking down the

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Speaker 4: value of certain assets in their portfolios. Sources say the

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Speaker 4: devalued loan are two software companies. That is a sector

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Speaker 4: that has been in the spotlight in recent weeks due

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Speaker 4: to investor concern over the potential impact from artificial intelligence.

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Speaker 4: This news is the latest sign of stress in a

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Speaker 4: once booming segment of the credit market.

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Speaker 2: And a programming note. Markets may clothes on Friday, but

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Speaker 2: the world does not That's why we bring you a

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Speaker 2: new live radio and TV show, Bloomberg This Weekend, is

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Speaker 2: looking beyond the daily headlines to the bigger themes driving politics, business,

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Speaker 2: and culture. Joined David Gura, Christina Ruffini, and Lisa Matteo

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Speaker 2: for smart conversations and in depth interviews that help make

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Speaker 2: sense of the week that's been and what comes next.

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Speaker 2: Get Bloomberg This Weekend live Saturdays and Sundays from seven

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Speaker 2: am Eastern on Bloomberg Radio, TV and the Bloomberg Business App.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news in New York and around the world.

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr.

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Speaker 9: Michael, good Morning, Good morning Karen. The Department of Homeland

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Speaker 9: Security remains without funding approval from Congress, as TSA agents

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Speaker 9: are working without That means long lines at security with

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Speaker 9: increased sick calls. The former governor of New Hampshire, Chris Sanunu,

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Speaker 9: is now president and CEO of the trade group Airlines

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Speaker 9: for America.

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Speaker 1: Is this the new norm?

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Speaker 4: Is this the new populism politics? Where airlines in the

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Speaker 4: American public are pedalized every time these guys don't agree

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Speaker 4: on something.

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Speaker 9: Meanwhile, some US airports, including San Francisco International Airport, used

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Speaker 9: private contractors for security screenings. The private contractors pay comes

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Speaker 9: from a federal contract, so it continues even when the

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Speaker 9: government shuts down. First responders are searching beneath the rubble

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Speaker 9: of structures leveled by what appears to be a tornado

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Speaker 9: that ripped through Newton County, Indiana, minutes after one was

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Speaker 9: reported over the border in Illinois. Newton County Sheriff Shannon Conthrine.

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Speaker 3: We're still trying to assess damages.

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Speaker 6: Andreies so far have been minor that have been reported.

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Speaker 9: Sheriff Conthine says, there's about a three mile stretch of damage.

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Speaker 9: Here's the Governor, Mikey Cheryl says she wants to scale

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Speaker 9: that state's new property tax relief program for senior citizens

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Speaker 9: to help close a three billion dollars structural deficit. In

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Speaker 9: her first budget address since entering office in January, Cheryl

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Speaker 9: proposed two billion dollars in spending reductions. The largest reduction

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Speaker 9: would come from the shrinking size and eligibility of the

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Speaker 9: stay New Jersey tax benefit for homeowners age sixty five

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Speaker 9: or older who make below five hundred thousand dollars. Cheryl

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Speaker 9: sixt Cheryl sixty point seven billion dollar budget proposal would

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Speaker 9: lower the qualifying income threshold for the tax benefit to

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Speaker 9: two hundred and fifty thousand dollars and reduce the maximum

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Speaker 9: annual benefit to four thousand from sixty five hundred. Global

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Speaker 9: News twenty four hours a day and whenever you want

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Speaker 9: it with the Bloomberg News. Now Michael Barr, and this

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Speaker 9: is Bloomberg here. Thanks Michael.

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Speaker 2: All time now for our Bloomberg Sports update, and for

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Speaker 2: that we bring in John stash Hour.

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Speaker 10: Thanks Darren vam Adabaio. It was only the third leading

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Speaker 10: scorer on the Miami Heat, the thirty eighth leading scorer

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Speaker 10: in the NBA at least going into last night. When

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Speaker 10: Auto Baio exploded against Washington. He scored eighty three points.

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Speaker 10: That's two more than Kobe Bryant scored in two thousand

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Speaker 10: and six. It's topped only by the one hundred points

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Speaker 10: that Will Chamberlain had in nineteen sixty two. Upset in

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Speaker 10: the World Baseball Classic, Italy beat the US eight to six.

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Speaker 10: If Mexico beats Italy and scores four or fewer runs,

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Speaker 10: the US is out. That's a Bloomberg Sports Update.

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Speaker 4: Stay with us. More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business out This is Bloomberg Daybreak.

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Speaker 4: Good morning on Nathan Hager. As the war where Iran

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Speaker 4: enters its twelfth day, major moves maybe on the way

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Speaker 4: now to calm an energy market that has been whipsawed

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Speaker 4: by the fast moving conflict. Bloomberg News has learned that

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Speaker 4: the International Energy Agency is now proposing the largest ever

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Speaker 4: release of emergency oil reserves. For the latest, We're joined

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Speaker 4: from Istan Bull by Bloomberg News Middle East Breaking News

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Speaker 4: editor Patrick Sykes and Patrick. Before we got this latest word,

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Speaker 4: we had already heard that this could be the biggest

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Speaker 4: release since Russia's invasion of Ukraine. What's the latest we're

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Speaker 4: hearing now.

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Speaker 3: Yeah, Indeed, that would be a huge amount of supplied

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Speaker 3: potentially to enter the market at a time when, of course,

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Speaker 3: lots and lots of ships are stuck on the wrong

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Speaker 3: side of the straight up ball moves in the Persian Gulf,

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Speaker 3: and some of those producers in the Middle East have

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Speaker 3: had to shut in production or put it back at

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Speaker 3: least as a result of the crisis. I think we'll

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Speaker 3: be watching potentially later to today, later today for a

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Speaker 3: final decision on those reserves. But potentially yes, some release

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Speaker 3: to the market in the form of supply.

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Speaker 4: Three hundred to four hundred million barrels a day is

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Speaker 4: what sources are telling us. Will that be enough to

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Speaker 4: calm the market is we are watching Nimex and Crew

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Speaker 4: both spiking still this morning.

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Speaker 3: I think the market will quite quickly. I mean, I'm

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Speaker 3: sure it'll provide some limited relief, but I think longer

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Speaker 3: term the market will get quite quickly. Back to question

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Speaker 3: of duration in the straight or forms. This is an

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Speaker 3: emergency measure. It will provide some relief at the front end,

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Speaker 3: but for longer term calming of the market, any return

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Speaker 3: to the kind of price levels we saw before the

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Speaker 3: start of the war, I think you need a resolution

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Speaker 3: to the conflict and particularly to the security situation in holmost.

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Speaker 4: What does the security situation look like right now? We've

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Speaker 4: heard reports of some ships being hit potentially or targeted.

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Speaker 3: Yeah. By my account, today has been one of the

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Speaker 3: worst for attacks on shipping in the region. We've had

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Speaker 3: three separate incidents reported by the UK Navy agency that

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Speaker 3: looks at these. I think a cargo bulk carrier. So

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Speaker 3: it just under lines note I think hours after Trump

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Speaker 3: and his administration we're talking about targeting Iranian mining capabilities

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Speaker 3: to secure the straight, Iran appears to have responded with

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Speaker 3: an uptick in attacks.

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Speaker 4: It raises a question about whether the US is ready

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Speaker 4: to fulfill President Trump's promise to escort ships through the

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Speaker 4: Strait of Horror moves. What's the situation there.

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Speaker 3: Yeah, there was some confusion yesterday. One US official had

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Speaker 3: said that that had begun, one ship had passed, and

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Speaker 3: that was later denied by the White House and the

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Speaker 3: posting question was deleted. I think if and when it

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Speaker 3: comes yes, perhaps similar to these reserves, right, it'll provide

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Speaker 3: some relief in that traffic will be able to start

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Speaker 3: moving again. On the other hand, those convoys are going

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Speaker 3: to be themselves a target and the rate of transit

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Speaker 3: is still going to be very very low with the

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Speaker 3: kind of hardware you would need to commit to get

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Speaker 3: them through, So you're looking at potentially resumption, but at

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Speaker 3: a much lower volume. Still.

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