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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.

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Speaker 1: Karen, it is day thirteen of the war with Iran

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Speaker 1: and the impact on the global energy supply is spreading.

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Speaker 1: We get the very latest from Bloomberg's Jumana Barsechi in Dubai.

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Speaker 3: What we're seeing is a tax taking place on the

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Speaker 3: northern part of the Persian Gulf. So two tankers off

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Speaker 3: the coast of Iraq, so this is way north of

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Speaker 3: the Strait of Hormos, were set on fire this morning

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Speaker 3: I reportedly ablaze and then further south of the Strait

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Speaker 3: of Hormoes. Yesterday evening, the key port of Salala in

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Speaker 3: Oman was also strugg that's a fuel depot and earlier,

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Speaker 3: out of an abundance of caution, vessels were asked to

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Speaker 3: evacuate the area. Another key export terminal in the region.

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Speaker 3: Oman exports about one million barrels a day of oil

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Speaker 3: through that port and it is on the Gulf of Aman.

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Speaker 3: It is not on the Strait of Homers.

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Speaker 1: Bloomberg Middle East correspondent Jumani Burssecci reports this follows attacks

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Speaker 1: on other ships in the Gulf. The UK says a

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Speaker 1: projectile struck a vessel today in the United Arab Emirates,

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Speaker 1: and the Thai Navy says a cargo ship was attacked

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Speaker 1: yesterday as it tried to exit the Strait of Hormoes.

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Speaker 2: Well, Nathan, the world is responding to these attacks with

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Speaker 2: an unprecedented moved to shore up the energy market. The

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Speaker 2: International Energy Agency says its members will release four hundred

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Speaker 2: million barrels of oil from their emergency reserves. That's more

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Speaker 2: than twice the previous record after Russia's invasion of Ukraine.

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Speaker 2: One hundred and seventy two million of those barrels will

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Speaker 2: come from the US, and President Trump says that should

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Speaker 2: ease price pressures.

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Speaker 4: Oil prices are already coming back down, and it's going

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Speaker 4: to come down. But we're not leaving until that job

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Speaker 4: is finished, and it's going to be very fast.

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Speaker 2: President Trump spoke at a rally in Kentucky last night,

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Speaker 2: but Energy Secretary Chris Wright says getting all the oil

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Speaker 2: out could take a while.

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Speaker 5: The release is certainly out of the US Strategic Petroleum Reserve.

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Speaker 5: They'll go over about four months. But this conflict, I

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Speaker 5: don't think goes that long. I think we will have

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Speaker 5: the Straits of Horror Moves open well before then.

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Speaker 2: Energy Secretary Chris Wright appeared on Fox News. Sources tell

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Speaker 2: Bloomberg President Trump is also preparing to use Cold Word

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Speaker 2: era powers to revive oil production off the southern California coast.

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Speaker 2: Bloomberg Economics says a one month closure of the Strait

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Speaker 2: of Horror Moos could send oil prices near one hundred

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Speaker 2: and five dollars a barrel. And looking at prices again

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Speaker 2: right now, NIMEX screwed oil is a more than six percent.

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Speaker 2: It's in ninety two dollars fifty three cents a barrel.

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Speaker 2: Brent is at ninety seven dollars ninety nine cents, and.

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Speaker 6: There's more fallout from the war.

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Speaker 1: Care and the International Air Energy Agency says the Middle

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Speaker 1: East conflict will slash global oil supplies by eight million

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Speaker 1: barrels a day this month, or about seven and a

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Speaker 1: half percent. The IEA says the Midi store is the

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Speaker 1: biggest supply disruption in the history of the oil market.

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Speaker 2: Well Nathan Republican Senator Ran Paul is warning that the

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Speaker 2: ongoing war in Iran could hurt his party in the

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Speaker 2: midterm elections. Speaking on a Bloomberg's Balance of Power with

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Speaker 2: Joe Matthew, the Kentucky Republican also said the war is

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Speaker 2: putting the US more in debt right now.

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Speaker 7: Our military, we spend more on our military than the

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Speaker 7: next ten countries combined. So for people to argue we're

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Speaker 7: not spending enough, we're spending more than the next ten

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Speaker 7: countries combined. We spend plenty on our military, at.

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Speaker 6: Least to be spent wisely.

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Speaker 7: But they'll spend an extraordinary amount on two wars, two

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Speaker 7: wars in one month. I mean, for goodnessakes, they're talking

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Speaker 7: about another war with Cuba as we speak right So, yeah,

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Speaker 7: they cost money. The costs laws most importantly, but they

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Speaker 7: also cost money. And I'm just not for wasn't for

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Speaker 7: the war in Venezuela, I'm not for the war in Iran,

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Speaker 7: and I'm certainly not for a war with Cuba.

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Speaker 2: And catch our full interview with Kentucky Senator Ran Paul

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Speaker 2: on our new video experience on the Bloomberg Business app Karen.

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Speaker 1: Several top banks telling their staff to stay away from

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Speaker 1: offices in Dubai and other locations in the Middle East.

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Speaker 1: Bloomberg's Tiwa Autobio has the latest from London.

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Speaker 8: Several major Wall Street banks have already been allowing their

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Speaker 8: employees to work from home since the start of the

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Speaker 8: Iran war. Now some big names are instructing colleagues to

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Speaker 8: exit their offices in the region. Bloomberg understands that the

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Speaker 8: likes of Goldman Sachs and City Group have told their

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Speaker 8: staff as to stay away from their Dubai offices, and

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Speaker 8: some lenders have also offered staff the option to temporarily

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Speaker 8: leave the country. The news comes as Iran continues to

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Speaker 8: strike targets in the Middle East. A representative for Goldman

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Speaker 8: Sachs decline to comment, while City Groups said in a

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Speaker 8: statement that all of its employees are accounted for and

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Speaker 8: safe in London. Tia Adubaya Bloomberg Radio, all.

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Speaker 2: Right, Tewatt, thank you what we are continuing to see

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Speaker 2: the market reaction to the war. Global bonds have surrendered

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Speaker 2: their year to date gains. Elevated oil prices are stoking

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Speaker 2: fears that inflation will reignite, triggering a sell off across

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Speaker 2: fixed income markets. The Bloomberg the Global Aggregate Index is

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Speaker 2: now flat for twenty twenty six, It was up as

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Speaker 2: much as two point one percent this year, just before

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Speaker 2: President Trump launched the attack on a run.

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Speaker 1: And stock futures are falling this morning, Karen right Now,

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Speaker 1: s and P and Nasdaq futures are both down a

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Speaker 1: half percent down futures are lower by six tenths of

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Speaker 1: one percent. Sarah Hunt, chief market strategist at Alpine Saxon Wood,

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Speaker 1: says this is a difficult time for investors longer term.

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Speaker 9: I think investing has always been you always bounce back

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Speaker 9: from problems. The question is how long does it take

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Speaker 9: you to bounce back? And right now, I think the

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Speaker 9: US equity markets, even though the headline indices are close

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Speaker 9: to all time highs, underneath you've seen a lot of

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Speaker 9: damage already to specific sectors. So there are definitely places

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Speaker 9: to look in the market for investing, But I think

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Speaker 9: you have to have a pretty strong hand at this

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Speaker 9: particular time because it is difficult to see that you're

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Speaker 9: going to get away from the volatility that we're seeing

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Speaker 9: right now, and investors don't love volatility now.

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Speaker 1: Pine Saxson Woods chief market strategist Sarah Hunt, and speaking

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Speaker 1: of volatility, the Vicks Wall Street so called fear gauge is.

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Speaker 6: Trading back near twenty five this morning, Well, Nathan.

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Speaker 2: The Trump administration is opening a new trade investigation into

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Speaker 2: manufacturing in foreign countries. Is an effort that comes after

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Speaker 2: the Supreme Court struck down President Trump's previous use of tariffs.

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Speaker 2: Trade Representative Jamison Greer has announced his office will begin

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Speaker 2: a probe into more than a dozen major economies, including China,

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Speaker 2: the EU, India, and South Korea under Section three oh

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Speaker 2: one of the Trade Act. Bloomberg still Desis has more

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Speaker 2: on how the administration is attempting to rebuild its trade policies.

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Speaker 10: Those executive order tariffs that Trump anounced last year. Obviously

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Speaker 10: that was pretty high risk strategy for the Trump administration.

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Speaker 10: To pursue something like this might go a long way

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Speaker 10: toward actually laying something down that can hold up going

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Speaker 10: into the future. Of course, these types of probes, I

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Speaker 10: will just caution do take in many cases months to

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Speaker 10: ultimately complete before you do see those tariffs, So it

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Speaker 10: might be a long ways out before we actually see

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Speaker 10: something take effect.

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Speaker 2: And Bloomberg stil das ads that the move is likely

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Speaker 2: to damage relations with the targeted countries and comes ahead

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Speaker 2: of a planned trip by the President to Beijing.

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Speaker 1: Now there's more parent fallout from the Jeffrey Epstein scandal.

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Speaker 1: Karen New York Giants co owners Steve Tish and his

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Speaker 1: two siblings are transferring their stakes in the team to

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Speaker 1: trusts for their children. The move comes after Tish recently

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Speaker 1: appeared in documents tied to the investigation into the convicted

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Speaker 1: sex offender. Steve Tish has not been accused of any crimes,

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Speaker 1: but he was mentioned hundreds of times in Epstein documents

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Speaker 1: released earlier this year. The transfer of this Steak has

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Speaker 1: to be approved by the NFL. It would shift ownership

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Speaker 1: of a franchise valued last year at ten point three

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Speaker 1: billion dollars.

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Speaker 2: Nathan, we also have a programming note here. Markets may

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Speaker 2: close on a Friday, but the world does not, and

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Speaker 2: that's why we're bringing you a new live radio and

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Speaker 2: TV show. Bloomberg This Weekend is looking beyond the daily

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Speaker 2: headlines to the bigger themes driving politics, business and culture.

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Speaker 2: Joined David Gura, Christina Ruffini, and Lisa Heyo for smart

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Speaker 2: conversations and in depth interviews that help make sense of

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Speaker 2: the week that's been, and what's and what comes next. Again,

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Speaker 2: Bloomberg This Weekend Live Saturdays and Sundays from seven am

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

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

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

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Speaker 2: for that we're joined by Bloomberg's Michael Barr. Michael, Good morning.

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Speaker 11: Good morning, Karen. The struggle is getting heavy and harder

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Speaker 11: to manage for the hundreds of TSA workers who remain

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Speaker 11: on the job working without a paycheck as the partial

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Speaker 11: government shutdown drags on. A nonprofit group VEEP held a

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Speaker 11: food drive for the nearly five hundred workers at the

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Speaker 11: Minneapolis Saint Paul Airport. Union leader Neil Gosman was grateful

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Speaker 11: as he and his colleagues tried to soldier through their

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Speaker 11: third shutdown in just six months. He says they're being

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Speaker 11: used as pawns as Washington does nothing instead.

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Speaker 6: Of a paycheck.

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Speaker 11: I'm getting poor today.

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Speaker 6: That's great. I really appreciate deep doing this. This is

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Speaker 6: not a way to treat a federal employee. We're trying

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Speaker 6: to keep people safe.

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Speaker 11: Union leader Neil Gosman says many TSA agents need help

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Speaker 11: with gas. Two congressional Democrats are seeking an investigation into

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Speaker 11: US Attorney General Pam Bondi's brother, California Senator Adam Schiff

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Speaker 11: and Congressman Dave min allege a quote troubling pattern of

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Speaker 11: favorable outcomes in cases involving the Justice Department and clients

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Speaker 11: who hired defense attorney Brad Bondy. It's not even officially

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Speaker 11: spring yet, but health experts say seasonal allergies are already

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Speaker 11: starting to impact many Americans. The CDC estimates twenty five

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Speaker 11: percent of adults and nearly twenty one percent of children

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Speaker 11: across the US have an allergy. Doctors say start preparing

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Speaker 11: now by taking allergy medication. Doctor Darien Sutton spoke to ABC.

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Speaker 12: Experts recommend number one, know your allergies, so write your

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Speaker 12: symptoms down, check the po and counts when you do

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Speaker 12: have symptoms because it can help you understand. For example,

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Speaker 12: right now, in the late winter, we're going to start

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Speaker 12: to see more tree pollen. In the summer, we see

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Speaker 12: grass pollen, and towards the end of the summer we

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Speaker 12: see weed pollen.

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Speaker 11: Researchers at Climate Central also found changes and climate can

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Speaker 11: lead to a worse reaction for those suffering. Global news

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Speaker 11: twenty four hours a day and whenever you want it

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Speaker 11: with Bloomberg News Now. I'm Michael Barr, and this is

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Speaker 11: Bloomberg Karen.

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Speaker 2: Thanks Michael. Time now for our Bloomberg Sports update, and

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Speaker 2: for that we bring in John stash Hour.

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Speaker 6: Thanks Gareth.

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Speaker 13: The Big Twelve Tournament, Iowa State beat Arizona State ninety

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Speaker 13: one to forty two, and then Arizona State fired their coach.

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Speaker 13: Bobby Hurley had the job for eleven years. Syracuse fired

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Speaker 13: Adrian Autrey, he had that job for three years. World

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Speaker 13: Baseball Classic Italy nine to one over Mexico. That keeps

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Speaker 13: the USA alive despite their loss to Italy. The Americans

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Speaker 13: will play Canada in a quarterfinal game tomorrow night. That's

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Speaker 13: your Bloomberg Sports update.

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Speaker 2: Cool.

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Speaker 6: Stay with us.

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Speaker 2: More from Bloomberg day Break coming up after this.

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Speaker 14: Coast to coast on Bloomberg Radio, nationwide on Serious Exam.

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Speaker 11: And around the world on Bloomberg dot Com and the

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Speaker 11: Bloomberg Business app.

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Speaker 6: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 1: Now, nearly two weeks into the Iran War, of the

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Speaker 1: world is taking a historic step to try to ease

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Speaker 1: the shock to the energy market.

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Speaker 4: The International Energy Agency agreed to coordinate the release of

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Speaker 4: a record four hundred million barrels of oil from various

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Speaker 4: national petroleum reserves around the world, which will substantially reduce

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Speaker 4: the oil prices as we end this threat to America

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Speaker 4: and this threat to the world.

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Speaker 1: President Trump touted the move at a rally in Kentucky,

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Speaker 1: but oil prices continue to climb this morning and for more,

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Speaker 1: we're joined by Ziod Daoud, chief Emerging Markets economist for

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Speaker 1: Bloomberg Economics.

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Speaker 6: Ziod, good morning.

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Speaker 1: We just got the report from the International Energy Agency

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Speaker 1: that this conflict is causing the biggest disruption to the

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Speaker 1: oil market in its history.

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Speaker 6: What more can you tell us? Good morning, Good morning.

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Speaker 14: There is a lot of disruption. If you think about

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Speaker 14: the Strait of Hormos alone, we're talking about twenty million

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Speaker 14: barrels of oil that sails through it every day, and

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Speaker 14: that's about twenty percent of global oil supply. That is

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Speaker 14: probably one of the biggest supply shocks in history. The

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Speaker 14: question now is not about intensity. No ship is going

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Speaker 14: through Hormos. It's a question about duration. How long can

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Speaker 14: this last for? And we ran some scenarios depending on

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Speaker 14: the juration. If the disruption of Hormos last about one month,

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Speaker 14: we're talking about oil north one hundred around one hundred

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Speaker 14: and five dollars pip barrel. If it lasts for three months,

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Speaker 14: the pros will go much higher, to go around one

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Speaker 14: hundred and sixty four dollars pie barrel. So the key

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Speaker 14: thing now is how long will Hormos be shot for

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Speaker 14: and how it will reopen?

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Speaker 1: Does the analysis shift depending on events on the ground.

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Speaker 1: When we're hearing about attacks on Iraqi waters north of

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Speaker 1: the Strait of Hormos as well, is this evacuation this

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Speaker 1: morning of the main terminal in Oman as well?

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Speaker 14: Yes, of course, so the closure or the reopening of

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Speaker 14: Homers is more of a geopolitical event than an economic one.

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Speaker 14: And we think it is difficult to imagine that the

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Speaker 14: war maintaining is current very high intensity for many more weeks.

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Speaker 14: Something has to give and the war would move to

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Speaker 14: either a lower intensity warfare or even cease far. And

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Speaker 14: we think there are three indicators that could bring that

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Speaker 14: change to the intensity of war. One of them is

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Speaker 14: the economic costs from higher OL prices on the global economy.

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Speaker 14: As second one is logistical the attacking equipment that Iran

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Speaker 14: has or a defensive equipment that the Gulf or Israel has.

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Speaker 14: And the third one is popular opinion in the US,

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Speaker 14: which may force President Trump to claim victory and decide to.

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Speaker 1: End the war in our last minute, thed what about

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Speaker 1: this release of four hundred million barrels at the IA

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Speaker 1: announced yesterday, one hundred and seventy two million of that

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Speaker 1: coming from the Is that going to be enough to

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Speaker 1: provide a backstop?

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Speaker 14: The short answer is no. If you think about four

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Speaker 14: hundred million barrels, that's like twenty days of normal homeless flows.

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Speaker 14: We're already on the thirteenth day of the war. So

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Speaker 14: if the war ends in a week's time, that is fine.

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Speaker 14: If it lasts longer, then that's not enough. That's just

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Speaker 14: going to be a temporary filled to the shortage before

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Speaker 14: shortage is returned.

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Speaker 6: And I'm Nathan Hager.

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