Episode summary
Oil Surges Past $100 on Tanker Attacks; Apple to Unveil Foldable Phone | Bloomberg Daybreak: US...
Bloomberg Daybreak: US Edition
· · 16 min · Guests: John Ternus, Chris Pappas, John Sununu, Karishma Manzur
Summary
Brent crude moved back above $100 a barrel as fighting between the US and Iran intensified, with traders focused on tanker attacks, disrupted shipping through the Strait of Hormuz, and shrinking global inventories. Will Kennedy said the main risk is the length of time flows remain constrained, because that keeps pressure on stockpiles and can push prices higher, especially as refined products like diesel stay expensive.
The program also covered Washington’s widening trade fight with Canada. The Trump administration is moving to ban some Canadian imports, including dairy and alcohol, while extending tariffs to other products and cutting Canada out of some US government contracts. Ottawa is assessing the response as the measures move toward implementation in the coming weeks.
Markets and policy were another focus, with Treasury Secretary Scott Bessant warning traders not to bet against his efforts to influence the yen and with investors watching this week’s inflation data before next week’s Fed decision. On the corporate side, Apple is set to unveil a roughly $2,000 foldable iPhone, a major design shift that adds pressure on John Turnis to meet high expectations, while Amazon, Uber, and Google are all making large financing and infrastructure moves tied to artificial intelligence and expansion.
Key takeaways
- Brent crude moved above $100 a barrel as US-Iran escalation and tanker attacks threatened oil flows through the Strait of Hormuz.
- Will Kennedy said the key driver for higher oil prices is how long shipping remains constrained, not just the latest strike headlines.
- The Trump administration is moving to ban some Canadian imports and extend tariffs, widening the trade fight with Ottawa.
- Apple’s roughly $2,000 foldable iPhone is framed as the biggest design change in nearly 20 years and a major test for John Turnis.
- Treasury Secretary Scott Bessant is signaling he wants markets to take his yen intervention threat seriously ahead of next week’s Fed decision.
Notable quotes
“This morning, Brent crude is trading above $100 a barrel for the first time since July”
“The back and forth is pretty straightforward and that is that Iran continues to try to hit US naval ships”
“as long as those flows remain constricted, it increasingly stretches the whole global energy system, it means that stock piles around the world are further depleted”
“The device represents the biggest single design change in the nearly 20-year life of the iPhone”
“My view is that they will not, but clearly that's highly dependent on what happens on Friday when CPI gets released”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — Good morning. I'm Nathan Hager — And I'm Karen Moscow. Here are the stories we're following today. — Karen, we begin with new market pressure from the war in the Middle East. This morning, Brent crude is trading above $100 a barrel for the first time since July. That's after the US destroyed five Iranian oil tankers in response to an attempted ballistic missile attack on a US Navy warship. Secretary of State Marco Rubio says the tit for tat should come as no surprise.
The back and forth is pretty straightforward and that is that Iran continues to try to hit US naval ships and uh for every time they do that or try to do that they're going to lose tankers.
Secretary of State Rubio spoke to reporters in Colombia. We get more from Bloomberg News energy reporter Steven Stapchinsky. It does seem at least with the rhetoric the traders are are are interpreting this rhetoric between the US and Iran as a f further spiraling away from a peace deal and threatening the flows of oil that have been getting through Hormuz.
I mean um there has actually been quite a large increase in dark uh flows of oil going through the the waterway potentially 6 to 8 million barrels uh per day according to the analysts and traders that my colleagues have spoken with. Still not near uh pre-war levels, but definitely a much higher than we were uh just a few months back.
And Blick Stevenchinsky reports. China has also been increasing its crude purchases in recent days. A pause in Chinese buying. It kept a lid on prices early in the conflict. But right now, Brent crude is at $100.29 a barrel. That is a gain of 2.4% on the session.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- oil prices
- us iran tensions
- tanker disruptions
- apple foldable iphone
- us politics senate race
Companies and tickers mentioned
- AAPL
- Apple
- Vortexa
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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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