Episode summary
Trump Maintains Pressure on Iran; King Charles Speaks to Congress | Bloomberg Daybreak: US Edition
Bloomberg Daybreak: US Edition
· · 16 min
Summary
The broadcast focused first on the escalating US-Iran war, with the hosts saying President Trump wants to keep a naval blockade of the Strait of Hormuz in place to squeeze Tehran’s oil exports. Trump said Iran was “in a state of collapse,” while Treasury Secretary Scott Bessent argued that the pressure campaign is pushing inflation higher and could soon force Iran to cut production. Oil prices surged, and the discussion also highlighted the United Arab Emirates’ surprise decision to leave OPEC and OPEC+ as a way to respond more quickly to the market disruption.
The show also covered King Charles III’s unusually pointed speech to Congress, in which he urged the US to keep leading globally and to sustain support for Ukraine and NATO. The hosts framed the address as a defense of the US-UK alliance at a moment of strain over the Iran war.
On the domestic front, the broadcast previewed the Fed meeting, where rates are expected to stay unchanged, and said investors will be watching for any clue about Jerome Powell’s future when his chair term ends May 15. It also flagged a huge week for megacap tech earnings, led by Alphabet, Microsoft, Meta Platforms, Amazon, and then Apple.
Key takeaways
- The hosts said Trump is pressing a prolonged blockade of the Strait of Hormuz to choke off Iranian oil exports and force negotiations.
- A guest from Goldman Sachs said Brent could reach $90 by the fourth quarter, with demand likely to stagnate.
- The UAE’s energy minister said leaving OPEC and OPEC+ would let the country meet market needs without being constrained by the group.
- The hosts said King Charles used his Congress address to argue that the US-UK partnership is “more important today than it has ever been.”
- The Fed is expected to hold rates steady, but investors will be watching for any signal on Powell’s post-May 15 plans.
Notable quotes
“President Trump said in a truth social post, Iran is in a state of collapse”
“the Wall Street Journal is reporting the presidents told aids to prepare for an extended blockade of the straight of Hormuz”
“Our brand upgrade to $90 per barrel by the fourth quarter. That's $30 higher almost than our forecast before the war”
“It was the first such address by a British monarch in more than three decades”
“It's likely J. Pal's last Fed meeting as chairman. So analysts, investors, and the president of the United States will be anxious”
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 the US Iran war now entering its third month. President Trump said in a truth social post, Iran is in a state of collapse. And the Wall Street Journal is reporting the presidents told aids to prepare for an extended blockade of the straight of Hormuz as the US looks to choke off Thrron's oil exports. President discussed the war at the state dinner with the UK's King Charles last night.
We're doing a little Middle East work right now, too, if you might know. And we're doing very well. We have militarily defeated that particular opponent and we're never going to let that opponent ever. Charles agrees with me even more than I do. We're never going to let that opponent have a nuclear weapon. They know that.
Now, Iran signaled it could reopen the Straight of Hormuz in exchange for the US lifting its naval blockade while Iran would also postpone negotiations over its nuclear program. But the journal says President Trump has rejected that offer. This morning, the president posted online that Iran doesn't know how to sign a non-nuclear deal.
It needs to quote, "Get smart soon. The post included an image of the president wearing sunglasses and holding an assault rifle with the caption, "No more Mr. Nice Guy.
Meanwhile, Nathan, oil prices remain firmly in triple digits this morning. Checking the price of oil right now, NYX crude again up 3.4%. It's at $103.33 a barrel.
Brent is up 2.8% 8% at $11442. Don Stroven is Goldman Sachs co-head of global commodities research and expects growth to slow.
Our brand upgrade to $90 per barrel by the fourth quarter.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran oil exports
- maximum pressure campaign
- fed rates
- jerome powell succession
- uk us nato alliance
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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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