Trump's 15-Point Peace Plan; Flight Prices Set to Rise

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1:19Plus, 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. JPMorgan Chase and Company. 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's day 26 of the war with Iran, but hopes are building for a diplomatic solution. President Trump says talks are underway to try to end the fighting.

2:05We're in negotiations right now. They're doing it along with Marco, JD. We have a number of people doing it. And the other side, I can tell you, they'd like to make a deal. President Trump spoke from the White House as the U.S. has drafted a deal to bring the conflict to a close. We get the details from Bloomberg's Jumana Bersechi in Dubai. A 15-point proposal has been submitted to the Iranians via Pakistan. This 15-point proposal is very similar to some of the terms that the U.S. had set out prior to the war even started, reiterating some of the key points, a commitment not to pursue nuclear weapons, dismantling of key nuclear sites, limited missile program, and abandonment of proxy funding.

2:47But there is one new element, and that is the U.S., of course, are insisting on a full reopening of the Strait of Hormuz. Bloomberg's Joanna Brasetti reports Iran has yet to comment formally on the proposal. It did keep up drone and missile attacks on Israel and Gulf Arab states overnight. At the same time, Bloomberg News has learned that the Trump administration's ordered about 2 ,000 soldiers from the 82nd Airborne to deploy to the Middle East. Officials have not said what they'll be used for, but they could play support roles or lead the way for a ground attack. Well, Nathan, we are seeing oil decline over the latest developments.

3:21Right now, NYMEX crude oil is down 5.25%. It's at$87.47 a barrel. Brent, it's at$98.89. BlackRock CEO Larry Fink was asked by the BBC what the long-term consequences of the war might be. If there's a cessation of war and yet Iran remains a threat, a threat to trade, a threat to the Straits of Harmouth, Then I would argue that we could have years, years of, you know, above$100, closer to$150 oil. What happens to the global economy if that happens? How do we see it? We'll have global recession. And Larry Fink added he could see high oil prices affecting the expansion of AI in the U.S. and Europe.

4:05And if the war continues, Karen, United Airlines is warning its customers they may have to pay more for tickets. CEO Scott Kirby spoke with Bloomberg's Lisa Abramowitz in Los Angeles. There will be less demand. There'll be fewer people traveling as prices go up. That's part of our cut capacity 5%. Like, you know, when airfares have to go up because of oil prices, there are going to be some people that choose not to fly, and it'd be naive not to realize that. If oil prices stayed where they are today, that's$11 billion of expense for us. And that would require prices to be up 20 % to break even.

4:38United CEO Scott Kirby says at the moment demand remains very strong. You can catch the full conversation on the new video experience on the Bloomberg Business app. Well, Nathan, we now turn to the latest on that deadly plane crash at LaGuardia Airport. A system designed to help air traffic controllers monitor vehicles and airplanes on the ground failed to alert personnel before an Air Canada Express jet collided with a fire truck, killing the two pilots. Federal investigators say one of only two air traffic controllers on duty cleared a fire truck to cross a runway just 12 seconds before the flight touched down.

5:13Here's National Transportation Safety Board Jennifer Homendy. The controller in charge was also doing the duties of the clearance delivery position. The clearance delivery controller provides pilots with their departure clearance. And as National Transportation Safety Board Chair Jennifer Homendy, who says among the areas being explored or whether the common practice of two controllers on duty overnight is enough. Turning to the nation's capital now, Karen, Senate Democrats have rejected the latest offer from President Trump and Republicans to fund most of the Department of Homeland Security and end a lengthy shutdown that has snarled airport security checkpoints and threatened to ripple through an economy already roiled by war.

5:54Senate Minority Leader Chuck Schumer says Democrats will send a counteroffer to Republicans. Republicans can hopefully now come back to the table and get serious about reaching a solution to pay TSA workers ASAP. Senate Democratic Leader Chuck Schumer says the GOP plan does not include any of the policy reforms in immigration and customs enforcement that they've insisted on. Here's House Speaker Mike Johnson. I can tell you the House has funded DHS twice. We're prepared to do it again. Completely fund the entire department. That is the responsible way to do this thing. So we've been very resistant to any idea to break House Speaker Mike Johnson says the Republican offer would have funded 94 percent of DHS, but leave out five and a half billion dollars for ICE enforcement.

6:37Well, Nathan, a Democrat is poised to represent President Trump and his Mar-a-Lago residents in the Florida State House of Representatives. According to Decision Desk HQ, Democrat Emily Gregory is projected to defeat her Republican opponent, John Maples, in a special election. Gregory got 51 percent of the vote compared with 49 for Maples. Republicans hold a wide majority in the Florida Statehouse, so the upset will have little effect on state politics, but it represents a symbolic win for Democrats ahead of the midterms. President Trump cast a mail-in ballot in Florida as he continues to publicly bash the voting method as a source of fraud.

7:14A judge, Karen, is bashing the Trump administration's rationale for banning the federal government's use of artificial intelligence technology from Anthropic. A federal judge says the government's decision does not appear to be, quote, tailored to the stated national security concern and looks like an attempt to cripple Anthropic. The maker of the Claude chatbot claims that the Pentagon's ban could cost it billions of dollars in lost revenue. And company news, Nathan, SpaceX is reportedly aiming to file a prospectus for an initial public offering as soon as this week. The information reports Elon Musk's company could try to raise more than$75 billion.

7:52That capital raising would shatter the previous high watermark set by Saudi Aramco's$29 billion listing in 2019. And Karen, Meta Platforms is offering its top executives stock options for the first time since its 2012 IPO as part of an effort to retain and compensate executives. The new options are outlined in company filings. They will be released if Meta hits ambitious stock price milestones over coming years. And a programming note, Nathan. Markets may close on Fridays, 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 for the bigger themes driving politics, business, and culture.

8:31Join David Gura, Christina Ruffini, and Lisa Matteo for smart conversations and in-depth interviews that help make sense of the week that's been 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 Monica Ricks. Monica, good morning. Hey, good morning, Karen. Delta suspending specialty services now for Congress as a partial government shutdown continues and TSA delays get longer.

9:06Lawmakers can typically get through security screenings quicker, and they have escorts to bypass long lines. They also have a dedicated reservation desk that, among other things, allows them to make some last-minute changes. But Delta says the priority now is taking care of its staff and customers, which they say is becoming increasingly difficult. I do solemnly swear. Mark Wayne Mullen. Mark Wayne Mullen. Mark Wayne Mullen has been sworn in as the new secretary of Homeland Security and says he's ready to get to work. and get TSA workers paid. They're working for free because of political politics.

9:41That's all I need to know. I told them if you're fighting 365 days, understand I'll be fighting 365 days besides you. Energy executive Alan Armstrong was tapped by Oklahoma Governor Kevin Stitt to fill Mullen's Senate seat. He was also sworn in yesterday. Denmark's election is still unconclusive right now, which means the prime minister's future is still in limbo this morning. It was an early election following President Trump's threats to take over Greenland, and results show that Prime Minister Meta-Frederickson's left-leaning campaign lost ground compared with the country's last election in 2022.

10:16Neither party won a majority in Parliament. And Meta's been ordered to pay$375 million in damages now after a jury in New Mexico ruled that Meta misled teenagers in the state about the safety of its social networks. Jurors say the company knew apps like Facebook and Instagram have become breeding grounds for sexual predators. There's a similar trial that's said to happen later this year in California. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Monica Ricks, and this is Bloomberg. Karen? Thanks, Monica. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer.

10:52Thanks, Karen. As expected, North Carolina has fired basketball coach Hubert Davis after five years on the job. The Tar Heels, in the first round of the NCAA tournament, blew a 19-point lead and lost to VCU. The Heels owe Davis$5 million. Joe Flacco, not done at age 41. He'll play a 19th season. He signed with Cincinnati, where he'll be the backup to Joe Burrow. The baseball season begins tonight with one game. It's the Yankees in San Francisco. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. The thing about AI for business, it may not automatically fit the way your business works.

11:30At 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. 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.

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13:33Coast 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. Good morning, I'm Nathan Hager. On day 26 of the U.S.-Israeli war with Iran, the U.S. is pushing diplomacy. Pakistan says Iran has received a 15-point peace plan from the U.S. At the White House, President Trump says Iran wants to make a deal. I don't like to say this. We've won this. This war has been won. The only one that likes to keep it going is the fake news. That was President Trump speaking at the White House this morning. We're joined from Dubai by Bloomberg News senior Middle East reporter Sam Dagger.

14:15Sam, good morning. What more do we know about this 15-point plan and whether Iran may be open to it? Good morning. Good morning to you and your listeners. Yeah, I mean, obviously, there's still a lot of uncertainty over the structure of negotiations. who is going to be participating on the Iranian side, how any deal would be structured at this stage. So obviously, a lot of positive talk from the White House, from President Trump, but a lot of unknowns on this side. We just heard actually earlier today from the spokesman for Iran's Islamic Revolutionary Guard Corps and the armed forces. His name is Lieutenant Colonel Ibrahim Zolvigari.

15:02And he had some pretty strong words. He said, addressing President Trump, and I'm quoting here, have your internal conflicts reached the point where you're negotiating with yourselves? And he says, again, I'm quoting him here. He says, our first and last word has been the same from day one. It will stay that way. Someone like us will never come to terms with someone like you. Again, Zolvigari addressing President Trump. He said, not now, not ever. So according to Iran, at least the people who are calling the shots on the ground, the IRGC, there are no negotiations. But at the same time, though, we have heard, though, haven't we, that Pakistan has delivered this peace plan to Iran.

15:50What more do we know about that? And what the parameters of this plan could be. Yeah, I mean, it could be potentially, you know, the people on the civilian side. I mean, people like the foreign minister, Abbas al-Rakshi, who had been leading negotiations before the start of the war. It could be people like, you know, the Speaker of Parliament, a very powerful figure right now in the regime, Mohammed Bakr Galibov. And but he's come out also, and I mean, a couple of days ago, and says, you know, that the condition for any talks with the U.S. would be, you know, the Iranian people, as he said, demand complete and remorseful punishment of the aggressors.

16:38And I mean, there have been reports that Iran is basically saying, yes, it will talk to the U.S. as long as, you know, it receives legally binding guarantees that would against any future attacks by Israel in the US. It also wants apparently, again, reportedly billions in reparations for damage caused by the war. It wants sanctions to be lifted. It also wants to formalize control over the Strait of Hormuz. And it's already charging transit fees. I mean, we've reported that here at Bloomberg. And it has circulated a letter among members of the International Maritime Organization saying that any passage through the Strait of Hormuz has to be in coordination with, again, I'm quoting them here, the letter, in coordination with competent authorities.

17:30We have just 30 seconds left here, Dan, but we're hearing as well that the U.S. is sending even more forces to the Middle East. What kind of impact could that have? Correct. And again, I can tell you the posture here of Gulf states. I mean, where I'm sitting in the UAE and to a certain extent, Saudi Arabia, they feel like almost military confrontation with Iran at this stage is almost inevitable. I mean, they have been discussing military options. There was a meeting in Riyadh last week where that was on the table. We're hearing very strong language from the UAE. The foreign minister a couple of days ago said we will not negotiate with terrorists.

18:06This 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. Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe Live to Bloomberg News Now.

18:43It'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. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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