News way you want it with Bloomberg News now.

I'm Nathan Hager. And I'm John Tucker.

All right, John, thank you. The war with Iran is now into its 11th

day, but President Trump is signaling it could be over very soon.

At a news conference from his resort in Doral, Florida, the president said the

conflict might not end this week, but it is going ahead of schedule.

Doing really well. I mean, at a level that nobody saw it.

We took a little excursion because we felt we had to do that to get rid of

some evil. And I think this is going to be a short

term excursion. President Trump says the U.S.

has had 5000 targets in Iran. He says its military capacity is down to

10% and drone launches have decreased 83%.

He's promising to bring oil prices down that, he says, have gone artificially up

because of the excursion. We get more from Bloomberg's Jomana

Versace in Dubai. Clearly, what is happening here is he is

responding to global markets and the impact that the energy shock is

beginning to have on some of these global energy markets and obviously

ultimately the US consumer here. And he also made another very strong

threat to the IRGC, saying that if they continue to block oil transportation

through the straits, they will be hit by the United States 20 times harder than

they have been hit thus far. Bloomberg's Gianni Versace reports.

The president says he's discussed waiving some oil related sanctions in a

call with Russian President Vladimir Putin, and he's considering other

options to bring oil and gas prices down, including releases from emergency

stockpiles and a pause on federal gas taxes.

In the meantime, blasts continue to be heard across Iran.

Saudi Arabia and Bahrain have been dealing with incoming projectiles

overnight. And Turkey says Naito is deploying a

U.S. made Patriot missile defense system to

its south. That's after the alliance intercepted

two Iranian missiles over Turkish airspace in recent days.

And the price of oil continues to drop following the president's comments on

the war. As Bloomberg Quicktake Kennedy reports,

it was quite an historic day in the energy markets.

It was a wild day in oil markets yesterday.

It was the biggest falls from the intraday peak to the close that the

markets ever seen. More than $30.

Pretty extraordinary trading. Yes, the markets calmer.

They heard what they wanted to hear from the president, which is that he sees an

end to the war in a relatively short time.

And if that happens, it would allow the oil market to return to normal.

Bloomberg's will Kennerly says the intense swings on Monday saw Brent trade

in a band of about $36. That is the most on record in the widest

range since Russia invaded Ukraine in 2022.

He also caused quite the turnaround in the equity markets, John.

The S&P 500 was down as much as one and a half percent, but it closed higher by

8/10 of 1% of the Nasdaq rose 1.4%. Cameron Dawson, chief investment officer

at New Edgewell, though, is still cautious.

I think that we might be a little bit early for opportunities again, when we

get back to those technicals where we see flush metrics of things being sold

too far, too fast, indiscriminate selling, there's going to be great

buying opportunities that come out of this, but we're not seeing those

measures flash the warning signs yet that that suggests that you should back

up the truck that's new as well as Cameron Dawson.

Yesterday, the Sebo Volatility Index, the so-called fear gauge for Wall

Street, tumbled 13% after reaching its highest level since last April.

And let's turn to politics. A couple of critical primaries in the

Deep South today. That's where voters are going to choose

nominees to represent Mississippi in Congress.

And in Georgia, voters are going to decide who's going to succeed former

Representative Marjorie Taylor GREENE. Bloomberg's Amy Morris reports from

Washington. In Georgia, more than 15 candidates are

running in the special election for Representative Greene's seat, rated as

the most Republican leaning in Georgia by the Cook Political Report.

Most of the contenders are Republicans, but Clay Fuller won President Trump's

endorsement. Democrats are looking to retired Army

General Sean Harris, who won the nomination in 2024.

In Mississippi, Republican Senator Cindy Hyde-Smith faces a primary challenge

from physician and novelist Sarah Blocher.

Representative Bennie Thompson, the delegation's only Democrat, faces two

primary challengers in his bid for an 18th term.

In Washington, Amy Moore has Bloomberg Radio.

Amy, thank you. The high stakes battle between anthropic

and the U.S. government continues this morning.

The artificial intelligence giant is suing the Defense Department for

declaring the company a risk to the U.S. supply chain and shifting its eye work

to other providers. Seth Federman is covering the story for

Bloomberg. What we're hearing from ANTHROPIC here

in a statement is they're taking this step to protect their customers and

their business. At the same time, though, they're

telling us that they intend to pursue all avenues here to try to mediate this

relationship with the government, including direct conversation with the

government. So they're not foreclosing the

continuation of talks here, but they are still pursuing litigation.

Bloomberg Seth Siegman says the dispute erupted last month after the Pentagon.

Wanted to use an tropics clod chat bot for any purpose within legal limits and

without any usage restrictions. And Tropics insisted its chat bot not be

used for mass surveillance against Americans or in fully autonomous weapons

operation. That's news when you want it with

Bloomberg News now. I'm John Tucker.

I'm Nathan Hager and this is Bloomberg.