Episode summary
Trump Sets New Iran Ultimatum; Saudis Raise Asia Oil to Record Premium | Bloomberg Daybreak: US...
Bloomberg Daybreak: US Edition
· · 15 min
Summary
President Trump extended his deadline to Tuesday night for Iran to reopen the Strait of Hormuz, after a weekend rescue of a downed U.S. airman and a fresh round of threats to destroy Iranian power plants and bridges. The host said mediators from Pakistan, Egypt, and Turkey are pushing a 45-day ceasefire, while the Associated Press reported Iran and the U.S. have received a draft proposal. On the ground, the war kept intensifying: the latest U.S.-Israeli strikes have killed more than 25 people, and Israel said one strike killed the head of the IRGC intelligence unit.
Japanese Prime Minister Sanae Takaichi said Japan is preparing leadership-level talks with Iran and possibly a separate call with Trump, reflecting how much Asian energy importers depend on Hormuz. Oil and markets remain under pressure even as Brent and WTI eased intraday; Brent is still up about 50% since the war began. Saudi Arabia raised the price of its main oil grade to Asia to a record, and OPEC+ warned damage to Middle East energy assets could have a prolonged effect on supply.
Bloomberg’s John Tucker said gasoline prices have jumped by at least a dollar a gallon, and economists now expect March CPI to rise 1%, the sharpest monthly increase since 2022. The host also noted Ukraine sees opportunity and risk in the oil shock, while President Volodymyr Zelenskyy warned a prolonged Middle East war could divert U.S. attention from Kyiv.
Key takeaways
- The host said Trump pushed the Iran deadline to Tuesday 8:00 p.m. while threatening to strike power plants and bridges if Tehran does not reopen Hormuz.
- Mediators from Pakistan, Egypt, and Turkey are reported to be pressing a 45-day ceasefire, but no confirmation has come from Iran or the U.S.
- Saudi Arabia raised its main oil grade price to Asia to a record as Hormuz disruptions tighten regional crude flows.
- John Tucker said economists expect March CPI to rise 1%, which would be the sharpest monthly gain since 2022, because gasoline prices have jumped at least a dollar a gallon.
- The host said OPEC+ warned the war’s damage to Middle East energy assets could have a prolonged impact on oil supply even after the conflict ends.
Notable quotes
“President Trump has extended his deadline until tomorrow night for Tehran to reopen the Strait of Hormuz”
“the president threatened to blow up Iran's power plants and bridges before announcing what appears to be a Tuesday 8:00 p.m. deadline”
“This morning Axios is reporting that mediators from Pakistan, Egypt, and Turkey are pushing a 45-day ceasefire to head off President Trump's threats”
“Japan has a key interest in maintaining a working relationship with Iran, which controls passage through the Strait of Hormuz, a choke point through which Japan secures over 90% of its oil”
“As a result, economists are forecasting a 1% increase in the consumer price index for March”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news.
Good morning. I'm Nathan Hager. And I'm Alexis Christoforous.
Here are the stories we're following today. Alexis, we begin with the latest developments in the war with Iran. President Trump has extended his deadline until tomorrow night for Tehran to reopen the Strait of Hormuz.
This came in a profanity-laced social media post where the president threatened to blow up Iran's power plants and bridges before announcing what appears to be a Tuesday 8:00 p.m. deadline. And all this comes after a harrowing mission over the weekend where hundreds of US special forces rescued an airman shot down over a mountainous area of Iran.
We get more from Bloomberg White House correspondent Jeff Mason. There is an ultimatum and that's sort of the operative question here is does he just kind of focus on the success and use that as a catalyst to continue with the two to three week deadline that he had focused on for concluding the war or does he follow through on the escalatory language that he also employed last week in that primetime speech on on Wednesday night and reiterated in the Truth Social post about the deadline and the power plants. Bloomberg's Jeff Mason appeared on Bloomberg this weekend, heard Saturdays and Sundays on Bloomberg Radio.
This morning Axios is reporting that mediators from Pakistan, Egypt, and Turkey are pushing a 45-day ceasefire to head off President Trump's threats. The Associated Press reports Iran and the US have received a draft proposal. Meantime, the latest wave of US-Israeli strikes on Iran has killed more than 25 people.
Israel's defense minister says one of them was the head of the Islamic Revolutionary Guard Corps's intelligence unit. President Trump says he will hold a news conference from the White House this afternoon at 1:00 p.m.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- iran ultimatum
- strait of hormuz
- oil price premiums
- saudi aramco
- persian gulf tensions
Companies and tickers mentioned
- Saudi Aramco
- Axios
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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