Iran Denies it Wants Truce; Trump Presses Allies on Hormuz

0:00The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM.

0:58We'll be right back. Being a small business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. Manage all your business finances, from banking to payments to credit cards, all in one place with Chase's digital tools. Plus, access online resources designed to help your business thrive. Learn more at chase.com slash business. Chase for Business. Make more of what's yours. The Chase mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026.

1:34JPMorgan Chase and Company. Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Karen Moscow. And I'm John Tucker. Here are the stories we're following today. Well, John, the U.S.-Israeli war on Iran is now in its third week, According to figures from governments and non-governmental organizations, at least 3 ,750 people have died. President Trump is demanding other countries join American efforts to defend the Strait of Hormuz. The president says the U.S. is in talks with about seven countries to help ships pass safely through the waterway. And here's what he told reporters on Air Force One.

2:17Really, I'm demanding that these countries come in and protect their own territory because it is their territory. is the place from which they get their energy. And they should come and they should help us protect it. And the president also said Cuba wants to make a deal with the U.S., but that he wants to finish the war in Iran before turning to the island nation. And President Trump says he could delay his planned summit with Chinese President Xi Jinping if Beijing does not help unblock the Strait of Hormuz. His comments came in an interview with the Financial Times. Trump also told EFT that NATO sees a very bad future if U.S.

2:57allies fail to assist. Well, John, President Trump says Iran is ready to make a deal to end the war, but the U.S. wants better terms. Iran is denying at once ceasefire talks launching fresh attacks across the Persian Gulf, including the key port of Fujairah and the United Arab Emirates. That's the only outlet for the country that bypasses the Strait of Hormuz. And Iranian Foreign Minister Abbas Zargarachi spoke yesterday on CBS's Face the Nation. No, we never asked for a ceasefire, and we have never asked even for negotiation. We are ready to defend ourselves as long as it takes. And this is what we have done so far, and we continue to do that until President Trump comes to the point that this is an illegal war with no victory.

3:47And that's Iranian Foreign Minister Abbas Arachi, who spoke on CBS's Face the Nation. Catch the program Sunday afternoons on Bloomberg Radio. And the president has gone from declaring the war over soon to calling on European and Gulf allies to help. The state of play was exemplified by a recent call with a group of seven leaders. And Bloomberg's Ewan Potts joins us from London with the very latest. Ewan, good morning. John and Karen, President Trump is demanding allies help secure safe passage for shipping through the Strait of Hormuz. Bloomberg understands the president was repeatedly pressed by European counterparts on the call about his endgame for the conflict.

4:24We're told he said he couldn't discuss the war's objectives, but that he had several in mind and he wanted the conflict to end soon. For now, the Strait of Hormuz, the conduit for a fifth of the world's oil, remains effectively closed, with no offers of help so far forthcoming from European allies. In London, I'm Ewan Potts, Bloomberg Radio. All right, Ewan, thank you. The Trump administration has signaled the war with Iran may last several more weeks, along with higher oil and gas prices, and Bloomberg's Monica Rix has details. Energy Secretary Chris Wright says Americans may not have to deal with pain at the pump too long.

4:57This is short-term pain to get through to a much better place. Wright on ABC's This Week, he says it's a small price to pay to destroy Iran's military capabilities. The conflict will come to the end in the next few weeks, and we'll see a rebound in supplies and a pushing down of prices after that. And oil prices are expected to keep soaring the longer the Strait of Hormuz remains closed. The waterway traffic's a fifth of the world's oil. Monica Ricks, Bloomberg Radio. All right, Monica, thank you. Checking the price of oil this morning, NYMEX crude oil up one and a third percent. It's at$100.02 a barrel.

5:32Brent is at$105.43. And Karen, reaction to the war continuing on both sides of the aisle. We spoke with Democrat Adam Smith, a ranking member on the Armed Services Committee. This war is continuing. The cost is incredibly high. The president doesn't seem to have a plan. Meanwhile, they want to apparently try to convince America that this is some kind of fun video game that we're just playing. even as people are dying all across the region and the global economy is suffering from this. So, yeah, I wish they were a little more serious in the way they explained such an incredibly important action that they are taking.

6:11And we also got this reaction from New York Republican Congressman Mike Lawler. President Trump is ensuring that Iran cannot have a nuclear weapon. That is paramount. And all of my Democratic colleagues, including Adam Smith, just said, oh, I hope it works out. I hope we get regime change. I hope, I hope, I hope. Well, hope is not a strategy. And you actually have to be willing to take action. New York Republican Carson Mike Lawler and Washington Democrat Adam Smith both made the comments on our new show Bloomberg this weekend. You can catch it Saturdays and Sundays from 7 a.m. to 10 a.m. Wall Street time.

6:46And John, the top executives of 10 U.S. airlines and aviation companies are asking Congress to end the government shutdown that's affecting passengers. Transportation Security Administration officers just missed their first paycheck on Friday since the Department of Homeland Security shutdown began over a dispute between Democrats and Republicans over immigration raids. In a letter published over the weekend, the CEOs of American Delta United and others said, quote, Americans who live in your districts and home states are tired of long lines at airports. And in Hollywood. The Oscar goes to one battle after another.

7:26Paul Thomas Anderson's one battle after another winning Best Picture. The 98th Academy Awards this Capsis ceremony. but also saw the film take home Best Adapted Screenplay and Best Director. Ryan Coogler's Sinners made history with a win for the film Cinematographer, Best Actor honors for Michael B. Jordan, and the Best Original Screen Prize. Jessie Buckley completed her award season sweep, winning Best Actress for her role in Hamnet, K-pop Demon Hunters. That's Netflix's most popular film ever, won the golden statuette for Best Animated Feature. Well, John, in France, a far-right candidate for the mayor of Nice has won a first round of voting with over 40 percent of the vote.

8:09Eric Chiadi's leading position ahead of next week's runoff is a boost to Marine Le Pen and her national rally party ahead of next year's presidential election. In Paris, the socialist candidate Emmanuel Gregoire came in first. The race to run Paris is now expected to hinge on alliances forged over the next 48 hours. And let's turn to the markets now, Karen. Futures are higher as we kick off the trading week. In Europe, a big banking takeover may be in the works. Unicredit has made a$40 billion takeover offer for Commerce Bank. The Italian lender says it expects the move to push its Commerce Bank stake above 30 % without reaching control, as they put it.

8:48Under German law, crossing that threshold does make a bid mandatory. story.

8:55And that brings us to 508 on Wall Street. And let's get a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, John. A severe weather front sweeping across much of the eastern half of the U.S. has dumped heavy snow around the upper Midwest, spawned thunderstorms in the south and is threatening several mid-Atlantic states with heavy rain and possible tornadoes. With more, here's Bloomberg meteorologist Craig Allen. Good morning. The battle of the seasons continues and weather for all four seasons will be represented here.

9:31This is the same system which resulted in so much havoc to our west over the last few days and now it's reaching the east coast. The main threats from D.C. to New York City to Boston and all surrounding counties will be showers and thunderstorms accompanied by potentially damaging winds and flash flooding and expect significant delays at airports and also slow travel on the roads for both this morning and this evening's rush hour. Bloomberg meteorologist Craig Allen. Investigators are still looking for a motive in Thursday's attack on a Detroit area synagogue. Israeli authorities say the brother of the attacker was a Hezbollah commander who was killed in a recent Israeli action in Lebanon.

10:11Michigan State Representative Samantha Stekloff says she attends the synagogue that was attacked in West Bloomfield Township. We have legislation making its way through the state government right now that will help compact anti-Semitism, hate crimes and terrorism. The Israeli military went on to say four of Ayman Mohammed Ghazali's relatives were killed in an Israeli airstrike. Ghazali is said to have killed himself. President Trump said he's thrilled Federal Communications Commission Chairman Brendan Carr warned broadcasters to course correct on news coverage or risk losing their licenses. President Trump accused media outlets of misrepresenting the latest developments of the war and spreading what he called Iranian disinformation.

11:01Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg. Thanks, Michael. Well, time now for our Bloomberg Sports Update. And for that, we bring in Dan Schwarzman. The field of 68 is set with Duke the overall top seed for this year's NCAA tournament, with Arizona, Michigan, and Florida joining the Blue Devils as number one seeds. The tournament gets underway Tuesday with the first two first four matchups. The women's bracket also set with reigning champion UConn the top overall seed, with UCLA, Texas, and South Carolina joining the undefeated Huskies as number one seeds.

11:34Team USA advancing to the final of the World Baseball Classic with a 2-1 win over the Dominican Republic at Lone Depot Park in Miami as closer Mason Miller struck out Geraldo Perdomo to end the game. The U.S. awaits the winner of Venezuela and Italy, who played this evening, first pitch at 8 p.m. Eastern time. Cameron Young picks up his second PGA Tour victory, winning the TPC Sawgrass by one stroke over Matt Fitzpatrick. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Hello, hello. I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM.

12:09I recently sat down with IBM's chairman and CEO, Arvind Krishna. And I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to them, pick areas you can scale. Don't pick the shiny little toys on the side. For example? If anybody has more than 10 % of what they had for customer service 10 years ago, they're already five years behind. If anybody is not using AI to make their developers who write software 30 % more productive today with the goal of being 70 % more productive. Yeah. Wow. So we are not asking our clients to be the first experiment on it.

12:57We say you can leverage what we did. We're happy to bring out all our learnings, including what needs to change in the process, because the biggest change is not technology. It's getting people to accept that there's a different way to do things. To listen to the full conversation, visit IBM.com slash smart talks.

13:22Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds, and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins, or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and builds a one-of-a-kind index.

14:02You can even backtest it against the S &P 500. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market.

14:22SEC Registered Advisor. Crypto services by zero hash. Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures at public.com slash disclosures. Sonesta Travel Pass makes traveling more rewarding. Designed to help you get more out of every stay. Sign up at Sonesta.com to enjoy instant savings, bonus points, and valuable perks like early check-in, late checkout, room upgrades, and free stays over time. With Senesta Travel Pass, every stay brings you closer to your next reward. Choose from more than 1 ,100 hotels across 13 distinctive brands and unlock the best available rates when you book direct with Senesta Travel Pass.

15:03Here today, roam tomorrow. Join now at Senesta.com. Terms and conditions apply.

15:12Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. And as we mentioned, we are entering week three of the war on Iran, and the president is demanding seven countries send warships to keep the Strait of Hormuz open. He made the comments on Air Force One. It's the place from which they get their energy, and they should come and they should help us protect it. And the comments come as Iranian strikes continue to rain down on Gulf countries and the key port of Fujairah and the United Arab Emirates was hit again.

15:52Joining us for the very latest from Dubai, we have owner Ant, Bloomberg Managing Editor for the Middle East and North Africa. Owner, good morning. Can you bring us up today? What is the latest on the fighting this morning? Good morning. Yeah, the fighting entered its 17th day today and we saw a continuation of attacks in both directions. Iran's missile and drone attacks continue to focus on Arab states in the Persian Gulf, with Dubai and the United Arab Emirates in general emerging as the focal point of attacks. We have seen a fire in Dubai's international airport, that's the busiest aviation hub in the world, earlier this morning following a drone incident in the vicinity of the airport, and there was a temporary suspension in flights out of the airport, followed by reports of a second attack in as many days at the Fujairah oil port of the UAE.

16:51That's an important port because it's one of the key outlets for oil exports out of the UAE that currently lies outside of the Strait of Hormuz, which, as you know, has been effectively closed to vessel traffic since the fighting began. We have also seen the beginning of a new wave of attacks by Israel on Iran, especially on infrastructure assets in the Iranian capital of Tehran. Has there been any indication, because we did hear this call from the president, he was hoping to get some help in the Strait of Hormuz. He wanted some warships from some NATO countries. Has there been any indication that anyone else is going to come help secure the Strait of Hormuz?

17:34Most of the countries that he called upon mentioning their names have either said no or they have kept quiet so far. With the exception of the EU, we have seen reports over the weekend and earlier today that the EU is going to consider, although a decision today is unlikely, they are going to consider expanding the mandate of an existing naval mission in the region. The EU already has the so-called Aspides mission that's there to support security for vessels going through Bab al-Mandab, through the Red Sea, to Suez Canal. It's been there for some time now. It began after the Houthi attacks during the Israel-Gaza war.

18:25Now, there is a possibility that the EU might consider expanding the scope of that mission to provide support and security assistance to vessels that may be able to transit the Strait of Hormuz. But it is not clear that it's definitely going to decide in favor of such an expansion. But meanwhile, the president is saying that Iran is talking and they actually want to make a deal badly to end this war. Has there been any indication that that's the case? President Trump has repeatedly said that Iranians want to talk and reach a deal to end the war. He has done that various times over the past 17 days.

19:11In each case, we have seen a similar reaction from Tehran and we have seen the same yesterday. Iranian Foreign Minister Abbas Araqji said that Iran is not seeking to talk with the U.S. or a ceasefire with the U.S. and that they are ready to sustain this war longer than anybody else anticipated, possibly six months or more, and that they do not want to reach any conclusion that would leave the door open for future attacks on the Islamic Republic, which they said has been the case in the last two rounds of conversations that took place most recently in February and then earlier than that in June of last year.

19:53And during both of those negotiations, the U.S. left the negotiations in the middle of it and basically attacked the country. And they said they do not want a repeat of it. 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 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston and nationwide on Sirius XM Channel 121.

20:34Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. I'm John Tucker. Join us again tomorrow morning for all the news you need to Start your day right here on Bloomberg Daybreak. It's football season, and now you can get anything you need for game day delivered with Uber Eats. Well, almost, almost anything. You can't get a running back, but baby back ribs?

21:10Yes. Uber Eats, official on-demand food delivery partner of the NFL. Ryan Reynolds here from Mint Mobile, with a message for everyone paying big wireless way too much. Please, for the love of everything good in this world, stop. With Mint, you can get premium wireless for just$15 a month. Of course, if you enjoy overpaying, no judgments, but that's weird. Okay, one judgment. Anyway, give it a try at mintmobile.com slash switch. Upfront payment of$45 for a three-month plan, equivalent to$15 per month required. Intro rate first three months only. Then full price plan options available. Taxes and fees extra.

21:44See full terms at mintmobile.com. Friends Like These, The Murder of Skylar Nees is now streaming on Hulu and Hulu on Disney+. 911, do you have an emergency? I have a 16-year-old daughter. Can't get a hold of her. I am scared to death. We wanted to talk to Skylar's friends. They're not telling the full story. The truth is gruesomely horrific. How could you do this to your best friend? There's a darker secret that's not been said. Watch the new Hulu original series, Friends Like These, The Murder of Skylar Nees, on Hulu and Hulu on Disney+. For bundle subscribers, terms apply.