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, it is day 13 of the war with Iran

and the impact on the global energy

supply is spreading. We get the very

latest from Bloomberg's Jumanna Berseti

in Dubai. What we're seeing is attacks

taking place on the northern part of the

Persian Gulf. So, two tankers off the

coast of Iraq. So, this is way north of

the Straight of Hormos were set on fire

this morning. Uh, reportedly ablaze. And

then further south of the straight of

Hormos yesterday evening, the key port

of Salala in Oman was also struck.

That's a fuel depot. And earlier, out of

an abundance of caution, vessels were

asked to evacuate the area. Another key

export terminal in the region. Oman

exports about 1 million barrels a day of

oil through that port and it is on the

Gulf of Oman. It is not on the straight

of Hormos.

>> Bloomberg Middle East correspondent

Jamanna Bersete reports. This follows

attacks on other ships in the Gulf. The

UK says a projectile struck a vessel

today in the United Arab Emirates and

the Thai Navy says a cargo ship was

attacked yesterday as it tried to exit

the Straight of Hormuz. Well, Nathan,

the world is responding to these attacks

with an unprecedented move to shore up

the energy market. The International

Energy Agency says its members will

release 400 million barrels of oil from

their emergency reserves. That's more

than twice the previous record after

Russia's invasion of Ukraine.

172 million of those barrels will come

from the US. And President Trump says

that should ease price pressures. Oil

prices are already coming back down and

it's going to come down, but we're we're

not leaving until that job is finished

and it's going to be very fast.

>> President Trump spoke at a rally in

Kentucky last night, but Energy

Secretary Chris Wright says getting all

the oil out could take a while.

>> The releases certainly out of the US

strategic petroleum reserve, they'll go

over about 4 months. Um, but this

conflict, I don't think goes that long.

I think we will have the straits of

Hormuz open well before then.

>> Energy Secretary Chris Wright appeared

on Fox News. Sources tell Bloomberg

President Trump is also preparing to use

cold word era powers to revive oil

production off the Southern California

coast. Bloomberg economics says a

one-mon closure of the straight of

Hormuz could send oil prices near $15 a

barrel. And looking at prices again

right now, Nymex crude oil is up more

than 6%. It's at $9253 a barrel. Brent

is at $97.99.

>> And there's more fallout from the war.

Karen, the International Energy Agency

says the Middle East conflict will slash

global oil supplies by 8 million barrels

a day this month or about 7 and a half%.

The IEA says the M East War is the

biggest supply disruption in the history

of the oil market. Well, Nathan,

Republican Senator Ran Paul is warning

that the ongoing war in Iran could hurt

his party in the midterm elections.

Speaking on Bloomberg's balance of power

with Joe Matthew, the Kentucky

Republican also said the war is putting

the US more in debt.

>> Right now, our military, we spend more

on our military than the next 10

countries combined. So, for people to

argue we're not spending enough, we're

spending more than the next 10 countries

combined. We spend plenty on our

military. needs to be spent wisely, but

they've spent an extraordinary amount on

two wars. We had two wars in one month.

I mean, for goodness sakes, they're

talking about another war with Cuba as

we speak, right? So, uh, yeah, they cost

money. They cost lives most importantly,

but they also cost money. And, um, I'm

just not for I'm not wasn't for the war

in Venezuela. I'm not for the war in

Iran, and I'm certainly not for a war

with Cuba. and catch our full interview

with Kentucky Senator Ran Paul on our

new video experience on the Bloomberg

business app.

>> Karen, several top banks are telling

their staff to stay away from offices in

Dubai and other locations in the Middle

East. Bloomberg's Tiwa Autobio has the

latest from London.

>> Several major Wall Street banks have

already been allowing their employees to

work from home since the start of the

Iran war. Now, some big names are

instructing colleagues to exit their

offices in the region. Bloomberg

understands that the likes of Goldman

Sachs and Cityroup have told their

staffers to stay away from their Dubai

offices and some lenders have also

offered staff the option to temporarily

leave the country. The news comes as

Iran continues to strike targets in the

Middle East. A representative for

Goldman Sachs declined to comment while

City Group said in a statement that all

of its employees are accounted for and

safe in London. Tiwa Adabio, Bloomberg

Radio.

>> All right, Tiwa, thank you. While we are

continuing to see the market reaction to

the war, global bonds have surrendered

their year-to-ate gains. Elevated oil

prices are stoking fears that inflation

will reignite, triggering a sell-off

across fixed income markets. The

Bloomberg Global Aggregate Index is now

flat for 2026. It was up as much as 2.1%

this year, just before President Trump

launched the attack on Iran.

>> And stock futures are falling this

morning, Karen. Right now, S&P and

NASDAQ futures are both down a half

percent. Dow futures are lower by 6/10en

of 1%. Sarah Hunt, chief market

strategist at Alpine Sax and Wood says

this is a difficult time for investors.

>> Longer term, I think investing is always

been you always bounce back from

problems. The question is how long does

it take you to bounce back? And right

now I think the US equity markets even

though the headline indices are close to

all-time highs underneath you've seen a

lot of damage already to specific

sectors. So there are definitely places

to look in the market for investing, but

I think you have to have a pretty strong

hand at this particular time because it

is difficult to see that you're going to

get away from the volatility that we're

seeing right now and investors don't

love volatility.

>> Alpine Sax and Woods chief market

strategist Sarah Hunt. And speaking of

volatility, the VIX, Wall Street

so-called fear gauge is trading back

near 25 this morning. Well, Nathan, the

Trump administration is opening a new

trade investigation into manufacturing

in foreign countries. It's an effort

that comes after the Supreme Court

struck down President Trump's previous

use of tariffs. Trade Representative

Jameson Greer has announced his office

will begin a probe into more than a

dozen major economies, including China,

the EU, India, and South Korea under

section 301 of the Trade Act. Bloomberg

still thesis has more on how the

administration is attempting to rebuild

its trade policies.

>> Those executive order tariffs that Trump

announced last year, obviously that was

pretty high-risk strategy for the Trump

administration to pursue. Something like

this might go a long way toward actually

laying something down that can hold up

going into the future. Of course, uh

these types of probes, I will just

caution, do take in many cases months to

ultimately complete before you do see

those tariffs. So it might be a long

ways out before we actually see

something take effect. And Bloomberg

still dies adds that the move is likely

to damage relations with the targeted

countries and comes ahead of a planned

trip by the president to Beijing.

>> And there's more apparent fallout from

the Jeffrey Epstein scandal. Karen, New

York Giants co-owner Steve Tish and his

two siblings are transferring their

stakes in the team to trusts for their

children. The move comes after Tish

recently appeared in documents tied to

the investigation into the convicted sex

offender. Steve Tish has not been

accused of any crimes, but he was

mentioned hundreds of times in Epstein

documents released earlier this year.

The transfer of this stake has to be

approved by the NFL. It would shift

ownership of a franchise valued last

year at $10.3 billion.

>> Nathan, we also have a programming note

here. Markets may close on Friday, but

the world does not. And that's why we're

bringing you a new live radio and TV

show. Bloomberg this weekend is looking

beyond the daily headlines to the bigger

themes driving politics, business, and

culture. Join David Gura, Christina

Ruffini, and Lisa Mateo for smart

conversations and in-depth interviews

that help make sense of the week that

spin and what's and what comes next. Get

Bloomberg This Weekend Live Saturdays

and Sundays from 7 a.m. Eastern on

Bloomberg Radio, TV, and the Bloomberg

Business App.

Time now for a look at some of the other

stories making news in New York and

around the world. And for that, we're

joined by Bloomberg's Michael Bar.

Michael, good morning.

>> Good morning, Karen. The struggle is

getting heavy and harder to manage for

the hundreds of TSA workers who remain

on the job working without a paycheck as

the partial government shutdown drags

on. A nonprofit group, VEP, held a food

drive for the nearly 500 workers at the

Minneapolis St. Paul airport. Union

leader Neil Gosman was grateful as he

and his colleagues try to soldier

through their third shutdown in just 6

months. He says they are being used as

pawns as Washington does nothing.

>> Instead of a paycheck, I'm getting corn

flakes. That's great. I'm really

appreciate VEP doing this. This is not a

way to treat a federal employee. We're

trying to keep people safe.

>> Union leader Neil Gazman says many TSA

agents need help with gas. Two

congressional Democrats are seeking an

investigation into US Attorney General

Pam Bondi's brother. California Senator

Adam Schiff and Congressman Dave Min

allege a quote troubling pattern of

favorable outcomes in cases involving

the Justice Department and clients who

hired defense attorney Brad Mondi. It's

not even officially spring yet, but

health experts say seasonal allergies

are already starting to impact many

Americans. The CDC estimates 25% of

adults and nearly 21% of children across

the US have an allergy. Doctors say

start preparing now by taking allergy

medication. Dr. Darien Sutton spoke to

ABC.

>> Experts recommend number one, know your

allergies. So, write your symptoms down.

Check the pollen counts when you do have

symptoms because it can help you

understand. For example, right now in

the late winter, we're going to start to

see more tree pollen. In the summer, we

see grass pollen. And towards the end of

the summer, we see weed pollen.

>> Researchers at Climate Central also

found changes in climate can lead to a

worse reaction for those suffering.

Global news 24 hours a day and whenever

you want it with Bloomberg News Now. I'm

Michael Bar and this is Bloomberg.

Karen,

>> thanks Michael. Time now for our

Bloomberg sports update. And for that we

bring in John Stash Hour.

>> Thanks Karen. At the Big 12 tournament,

Iowa State beat Arizona State 91 to 42.

And then Arizona State fired their coach

Bobby Hurley. Had the job for 11 years.

Syracuse fired Adrien Autry. He had that

job for three years. World Baseball

Classic Italy 9 to1 over Mexico. That

keeps the USA alive despite their loss

to Italy. The Americans will play Canada

in a quarterfinal game tomorrow night.

That's your Bloomberg sports update.

>> Stay with us. More from Bloomberg

Daybreak coming up after this.

Coast to coast on Bloomberg radio,

nationwide on SiriusXM, and around the

world on Bloomberg.com and the Bloomberg

Business app. This is Bloomberg

Daybreak.

>> Good morning. I'm Nathan Hager. Now,

nearly 2 weeks into the Iran war, the

world is taking a historic step to try

to ease the shock to the energy market.

The International Energy Agency agreed

to coordinate the release of a record

400 million barrels of oil from various

national petroleum reserves around the

world, which will substantially reduce

the oil prices as we end this threat to

America and this threat to the world.

>> President Trump touted the move at a

rally in Kentucky, but oil prices

continue to climb this morning. And for

more, we're joined by Zead Dau, chief

emerging markets economist for Bloomberg

Economics. Zad, good morning. We just

got the report from the International

Energy Agency that this conflict is

causing the biggest disruption to the

oil market in its history. What more can

you tell us? Good morning.

>> Good morning. Um, there is a lot of

disruption. If you think about the

straight of Hormuz alone, we're talking

about 20 million barrels of oil that

sells through it every day and that's

about 20% of global oil supply. That is

probably one of the biggest supply

shocks in history. The question now is

not about intensity. No ship is going

through hormos. It's a question about

duration. How long can this last for?

And we ran some scenarios depending on

the duration. If um the disruption of

hormones last about one month, we're

talking about oil north of 100 around

$105 per barrel. If it lasts for 3

months, the price would go much higher.

Will go around $164 per barrel. So the

key thing now is how long will Hormus be

shot for and how it will reopen. Does

the analysis shift depending on uh

events on the ground when we're hearing

about attacks on Iraqi waters north of

the straight of Hormuz as well as this

evacuation uh this morning of the main

terminal in Oman as well?

>> Yes, of course. So the closure or the

reopening of Hormuz is more of a

geopolitical event than an economic one.

And we think it is difficult to imagine

that the war maintaining its current

very high intensity for many more weeks.

Something has to give. Um and the war

would move to either a lower intensity

warfare or even ceasefire. And we think

there are three indicators that could

bring that change to the intensity of

war. One of them is the economic costs

from higher oil prices on the global

economy. A second one is logistical, the

attacking equipment that Iran has or the

defensive equipment that the Gulf or

Israel has. And the third one is popular

opinion in the US, which may force

President Trump to claim victory and

decide to end the war.

>> In our last minute, Zeod, what about

this release of 400 million barrels that

the IEA announced yesterday? 172 million

of that coming from the US. Is that

going to be enough to provide a backs

stop?

>> The short answer is no. If you think

about 400 million barrels, that's like

20 days of normal homeless flows. We're

already on the 13th day of the war. So,

if the war ends in a week's time, that

is fine. If it lasts longer, then um

that's not enough. That's just going to

be a temporary fill to the shortage

before shortages return.

>> This is Bloomberg Daybreak, your morning

podcast on the stories making news from

Wall Street to Washington and beyond.

Look for us on your podcast feed by 6:00

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informed all day long. I'm Karen Moscow.

>> And I'm Nathan Hager. Join us again

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Bloomberg Daybreak.