Episode summary
US Revokes Waiver Allowing Iran Oil Sales After Tanker Attacks | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 42 min · Hosts: Carol Massar, Tim Stenovec · Guests: Daan Struyven, Ed Ludlow, Stuart Paul, Kate Gulliver
Summary
The episode opens on the US Treasury Department revoking a waiver that had allowed Iranian oil sales after fresh attacks on tankers in the Strait of Hormuz, and a guest from Goldman Sachs says the market is right to price in upside risk to oil. He argues that Middle East supply remains vulnerable, even if flows have recovered to about 75% of normal levels when pipelines are included, and says traders may have been too confident about a quick return to surplus conditions.
The discussion then broadens to commodities and AI. The guest says the biggest structural winners are US power and copper, because data centers are pushing electricity demand higher while supply stays constrained. Another guest on the tech beat says Samsung’s strong results did not stop a sharp chip selloff, calling it a valuation reset after a powerful run, while Amazon’s $25 billion bond sale and DeepSeek’s reported chip ambitions reinforce how capital-intensive the AI buildout has become.
The show also looks at politics and retail. A Bloomberg economist says the midterms will hinge on whether Trump’s coalition still benefits from the economic policies behind his agenda, but notes that young men have seen weak job gains in the industries that matter most to them. The final segment turns to Wayfair, where the CFO says stores are meant to bridge online and offline shopping, improve the customer experience, and complement AI tools that personalize browsing and clean up product data.
Key takeaways
- The Goldman Sachs guest says Middle East supply risks remain "very significant" and oil prices still have upside risk after the Hormuz attacks.
- He says China’s crude import weakness looks temporary, but that the war has caused lasting damage to some oil demand and a faster shift toward EVs and other energy sources.
- A tech guest says the AI trade is taking a breather, not breaking down, even after Samsung’s blowout earnings and the semiconductor selloff.
- The tech guest says US power is the best commodity expression of the AI buildout because demand is rising fast while supply is hard to add.
- The Bloomberg economist says young men who backed Trump have seen about 225,000 jobs disappear in male-dominated industries since he took office.
- Wayfair’s CFO says the company is using stores to link offline browsing, online checkout, and AI-driven personalization across a much broader product catalog.
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy.
Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio. The US Treasury Department revoking a waiver that allowed the sale of Iranian oil following new attacks on tankers in the straight of Hormuz.
We have seen I'm taking a look at WTI crude that has uh popped up uh more than 5% so it's pretty much at its highs of the session. So, you know, certainly seeing um an impact in uh global energy markets. We want to get to it.
It is time for a conversation on commodities brought to you by Golden Crust Metals, inflation, tariffs, and volatility of some investors turning to gold for stability. To get a free gold and silver info guide, learn how to add metals to your IRA or 401k tax and penalty-free. Just head to golden metals.com/guide.
That's golden metals.com/guide. We heard an earlier guest talk about the importance of gold in your portfolio. Hey, uh let's see what our next guest has to say about gold, other commodities, certainly global energy markets.
Don Striven is back with us. He's co-head of global commodities research over at Goldman Sachs. He's here in our Bloomberg interactive broker studio.
Good to have you here. I think you walked in. It's good to have you back, Don.
I I think I said you walked in. I said I feel like every time you walk in there's something going on. Um
Good timing on your side at least. — It is. It is. Thank you.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran oil sanctions
- strait of hormuz
- tanker attacks
- us treasury ofac
- commodities research
Companies and tickers mentioned
- GS
- W
- Goldman Sachs
- Wayfair
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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