News when you want it with Bloomberg News now.

I'm Amy Morris. President Trump repeated his threats to

destroy Iranian energy assets if the Strait of Hormuz isn't reopened soon.

That's raised fears that the war could escalate.

Trump claims great progress has been made in talks, but also warns the U.S.

will blow up and completely obliterate Iran's energy facilities if a deal is

not reached. Bloomberg's Ann Marie Jordan spoke with

President Trump by phone. When it comes to electrical facilities,

desalination facilities. He also mentioned Cargill, in which he

mentioned last night as well to the Financial Times this morning.

He just said to me that the war is going well, unbelievably well, was his words.

And then he said, they want to settle this.

That's all I can say. They want to settle.

Bloomberg's Annmarie Horden Bern Treasury Secretary Scott Bessant

indicated optimism about a reopening of the Strait of Hormuz for passage of

cargo ships. He says the administration is steadily

moving to address the shortage of global oil supplies.

We are seeing more and more ships go through on a daily basis as individual

countries cut deals with the Iranian regime for the time being, Bassett tells

Fox News. The global oil market is in a deficit of

about 10 to 12 million barrels each day, and that the U.S.

is making up for that. And 50,000 U.S.

troops are now in the region. Secretary of State Marco Rubio was asked

about President Trump's post on social media that claims the U.S.

is talking with a, quote, new and more reasonable regime.

There are clearly people they are talking to us in ways that previous

people in charge in Iran have not spoken to us in the past.

Some of the things they're willing to do, some of the things they're saying

they're willing to do. Obviously, they have to go do it.

We're going to test our proposition very strongly because we always prefer to

settle things through negotiation and diplomacy.

Secretary of State Marco Rubio speaking to ABC News.

Investors are also assessing new comments from Fed Chair Jay Powell, who

says the Fed's tools have no meaningful effect on supply shocks.

Energy shocks have tended to come and go pretty quickly.

Monetary policy works with long and variable lags famously, and so by the

time the effects of of a tightening in monetary policy take effect, the oil

price is probably long gone. And you're in a you're you're weighing

on the economy at a time when it's not appropriate.

Fed Chair Jay Powell at a Harvard University event and that got Treasuries

moving. Stocks are higher after a rout fueled by

worries over the economic fallout of the war in Iran.

We do check markets for you all day long here at Bloomberg.

The S&P 500 is up about a half percent. Nasdaq up about a quarter percent.

The Dow up about 8/10 of a percent. The ten year Treasury yield at 4.33% and

the two year yield at 3.82%. Bitcoin now 1.6% higher.

That's near $68,000. WTI is two and a quarter percent higher,

trading at $102 a barrel. And Brent crude is 6/10 of a percent

lower now, around $112 a barrel. Air Canada says CEO Michael Rousseau

will retire later this year after he was criticized for his English only message

of condolence following this month's deadly crash in New York.

The two Air Canada pilots were killed when their plane collided with a fire

truck on the runway shortly after landing.

Canada is an officially bilingual nation.

Prime Minister Mark Carney says the English only message showed a lack of

compassion and judgment. Bloomberg's Matthew Dion.

A lot of carmakers are just seeing that as a lack of consideration or even

something like that's very condescending on this part.

Regarding the French language, it's our understanding that Eric and I wanted to

end this and there was especially a global search for a new CEO anyway

because he was planning to retire. Bloomberg's Matthew Dion on Bloomberg

Intelligence. The U.S.

Embassy in Venezuela has formally reopened.

A State Department memo seen by Bloomberg News says the move will

strengthen the administration's ability to engage directly with Venezuela's

interim government, civil society and the private sector.

Now, the U.S. plan aims to lead to a democratically

elected government in Venezuela and to open up Venezuela's oil industry to U.S.

investment. It is not clear when the embassy will

return to full service. The Trump administration will resume

processing some asylum claims after a near blanket halt of immigration

paperwork for hundreds of thousands of people seeking refuge in the U.S..

U.S. Citizenship and Immigration Services

lifted the adjudicated hold for asylum seekers from countries that are deemed

to be a lower risk with maximum screening and vetting to continue.

But sources tell Bloomberg that people from countries on President Trump's

travel ban still have their asylum paperwork on hold.

That's news when you want it with Bloomberg News now.

I'm Amy Morris and this is Bloomberg.