# US-Iran Exchange Strikes; Nepal Races to Find Missing

An episode of [Bloomberg Daybreak: US Edition](https://invisiblenetwork.ai/podcast/1663860720), 31 Aug 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/d15648c4-cee0-4e99-a5ca-af80014d921d/66b3ad31-1263-42f2-9d73-b4b700a08c5f/audio.mp3?utm_source=Podcast&in_playlist=65ce2954-d8a8-4c66-9f42-af80014d923e

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran exchanged strikes as American forces hit an island in the Strait of Hormuz and Iran responded by launching attacks on the United Arab Emirates and Jordan. Iranian media said the country's authorities seized a bulk carrier near the port of Bandar Abbas and claimed an oil supertanker was hit by mines early on Monday. The incidents underline the high tensions between Washington and Tehran, with crude oil prices rising and several current and former US and Iranian officials expecting the conflict to drag on for months. 2) Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again. The reaction of the market will depend on upcoming economic data, including employment and inflation figures, with some investors warning that the Fed's credibility could be at risk if it does not follow through on expected rate hikes. 3) Nepal is racing to find thousands still missing after a glacial collapse unleashed catastrophic flooding along the border with China, with rising water levels and worsening weather threatening to hamper rescue efforts. More than 8,700 people have been rescued, with almost 20,000 security personnel mobilized, and at least 752 people have been confirmed dead, while over 3,000 are still unaccounted for. Rescue personnel have been told to exercise "utmost caution" as they work to retrieve bodies and provide relief services, with challenges mounting as days pass and weather conditions weigh on rescue efforts. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 3: Radio.
[0:06] Speaker 2: News.
[0:10] Speaker 4: Good morning.
[0:10] Speaker 5: I'm Karen Moscow.
[0:12] Speaker 6: And I'm John Tucker. Here are the stories we're following today.
[0:15] Speaker 5: Well, John, we begin with new developments in the Middle East.
[0:18] Speaker 5: The U.S. and Iran have exchanged strikes for the first
[0:20] Speaker 5: time in about a month. American forces hit Iranian rocket launchers,
[0:24] Speaker 5: and the Islamic Republic responded by firing missiles toward Jordan.
[0:28] Speaker 5: We get the latest with Bloomberg's Abir Abu Omar in Dubai.
[0:32] Speaker 7: The situation is still very fragile. You're talking about a
[0:34] Speaker 7: ceasefire deal that is no longer in place. You're talking
[0:37] Speaker 7: about wider negotiations that are no longer happening. And you're
[0:41] Speaker 7: really talking about movement in the Strait of Hormuz that
[0:43] Speaker 7: has picked up but is nowhere near where it was
[0:46] Speaker 7: pre-war levels. And so the situation is, to use the
[0:49] Speaker 7: same word twice, still very fragile and could pick up
[0:52] Speaker 7: any time soon. And the frictions that you saw in
[0:55] Speaker 7: the early hours of this morning certainly do provide the case.
[0:59] Speaker 7: for how things could get appended at any moment. But
[1:03] Speaker 7: for the time being, these are not skirmishes that we
[1:05] Speaker 7: hadn't seen over the past couple of months or so.
[1:07] Speaker 7: We'd seen Iran retaliating by striking countries in the region
[1:11] Speaker 7: like Jordan, like Kuwait, like Bahrain. That risk has never
[1:15] Speaker 7: really left the room. That risk had always been present,
[1:18] Speaker 7: and now we're seeing it ticking up again.
[1:21] Speaker 5: And that's Bloomberg's Abir Abu Omar, who says the U.S.
[1:23] Speaker 5: attack was the first military action against Iran since late July.
[1:28] Speaker 6: And, Karen, the flare-up in fighting boosting oil prices this morning.
[1:31] Speaker 6: Right now, Brandt, the international benchmark, up $ 3. 08, $ 91. 18 a.
[1:36] Speaker 2: Barrel.
[1:37] Speaker 6: WTI up $ 2. 89 at $ 86. 29 a barrel. And oil analyst
[1:42] Speaker 6: Carly Garner of DeCarli says the impact of prices does
[1:45] Speaker 6: seem limited.
[1:46] Speaker 8: The same headlines earlier in the war would have probably
[1:48] Speaker 8: been good for $ 10, $ 15, not $ 2. So you can
[1:51] Speaker 8: see that the market's being fatigued.
[1:54] Speaker 3: We're kind of.
[1:57] Speaker 8: Being desensitized to the headlines, and I think that's really
[2:00] Speaker 8: what's going on. And I'll also say I think this
[2:02] Speaker 8: knee-jerk reaction higher will probably trigger some buyers' remorse.
[2:06] Speaker 6: DeCarli Oil analyst Carly Garner away from the Middle East.
[2:10] Speaker 6: Washington moving to take direct control of the more than
[2:13] Speaker 6: 65 million barrels of Venezuela's oil reserves. President Trump says
[2:17] Speaker 6: the crude would be used to refill America's depleted emergency reserve.
[2:21] Speaker 5: Now, John, let's get to the latest on the trade
[2:23] Speaker 5: dispute between the U.S.
[2:25] Speaker 2: And Canada.
[2:26] Speaker 5: Ontario Premier Doug Ford is ridiculing President Trump's order changing
[2:30] Speaker 5: the name of Lake Ontario to Lake America. Ford spoke
[2:34] Speaker 5: on ABC's This Week, which can be heard Sundays on
[2:37] Speaker 5: Bloomberg Radio.
[2:38] Speaker 9: It was like something out of Saturday Night Live when
[2:41] Speaker 9: he signed documents saying change to Lake America. No one's
[2:46] Speaker 9: going to call it Lake of America. It's been Lake
[2:49] Speaker 9: Ontario for hundreds of years. It's going to continue being
[2:51] Speaker 9: Lake Ontario. And it's just so, so disappointing.
[2:56] Speaker 5: Ontario Premier Doug Ford expressed optimism that Canada and the U.S.
[3:00] Speaker 5: would eventually overcome their differences on trade and tariffs.
[3:04] Speaker 6: Well, Google Maps is following President Trump's lead and did
[3:07] Speaker 6: make a change to Lake Ontario. Bloomberg's Monica Ricks with
[3:10] Speaker 6: that story.
[3:11] Speaker 4: Google Maps relabeled Lake Ontario as Lake America for users
[3:15] Speaker 4: in the U.S. after President Trump said he'd rename the
[3:18] Speaker 4: lake amid a trade spat with Canada. But Alphabet says
[3:21] Speaker 4: users in Canada will still see Lake Ontario and the
[3:24] Speaker 4: rest of the world will see both. The company said
[3:27] Speaker 4: in a statement the updates follow its longstanding policy for
[3:30] Speaker 4: bodies of water, which it says vary from country to country. MapQuest, however,
[3:35] Speaker 4: has refused to change the name, and so far it's
[3:38] Speaker 4: still Lake Ontario on Apple Maps, though Apple did change
[3:41] Speaker 4: the Gulf of Mexico to Gulf of America after Trump
[3:44] Speaker 4: ordered that change last year. Monica Ricks, Bloomberg Radio.
[3:48] Speaker 5: All right, Monica, thank you. Now to the latest on
[3:51] Speaker 5: a tragic story overseas with rescue workers still searching for
[3:55] Speaker 5: the roughly 4,800 people missing in Nepal and China. More
[3:59] Speaker 5: than 900 people have died after a glacial collapse unleashed
[4:02] Speaker 5: floods and debris across the border region. Representative Raja Krishnamoorthi,
[4:08] Speaker 5: a Democrat from Illinois, tells Bloomberg this weekend that the U.S.
[4:11] Speaker 5: government needs to send more aid to the region.
[4:14] Speaker 10: This is just a calamity of enormous magnitude. My office
[4:21] Speaker 10: directly has been contacted by numerous families now who've been
[4:24] Speaker 10: affected because they were American citizens on pilgrimage in that
[4:29] Speaker 10: particular region at the time of this glacial collapse. I
[4:33] Speaker 10: reached out to the State Department and said we have
[4:35] Speaker 10: to do more to assist in these search and rescue efforts.
[4:40] Speaker 5: Representative Raja Krishnamoorthi speaking with Bloomberg this weekend. More than
[4:44] Speaker 5: 10,000 people have been rescued with almost 20,000 security personnel mobilized.
[4:49] Speaker 5: Nepal requested help opening tunnels where people were trapped, heavy-duty
[4:54] Speaker 5: drones to deliver supplies to stranded areas, and forensic assistance
[4:58] Speaker 5: to identify the dead.
[4:59] Speaker 6: And Karen, let's turn to the economy, where the big
[5:02] Speaker 6: event comes on Friday. That's when we get the jobs
[5:04] Speaker 6: report for the month of August. Meanwhile, investors still reacting
[5:08] Speaker 6: to Fed Chair Kevin Warsh's Jackson Hole speech on Friday.
[5:11] Speaker 6: Warsh reiterated his commitment to bringing down the rate of inflation.
[5:15] Speaker 3: Price stability is not self-executing, nor is inflation necessarily mean reverting.
[5:22] Speaker 3: It's the Fed's job to deliver stable prices, no excuses.
[5:26] Speaker 6: But some bond investors voicing skepticism that the Fed share
[5:30] Speaker 6: is poised to raise interest rates, TD Securities said on Friday.
[5:34] Speaker 6: Its base case is for the Fed to stay on hold.
[5:37] Speaker 6: Christoph Bauscher at ABN Amro says Warsh's comments weren't enough
[5:41] Speaker 6: to convince him that officials will follow through. And after
[5:44] Speaker 6: surging the most in more than two months on Friday,
[5:46] Speaker 6: the policy-sensitive two-year yield this morning, it is down 10%.
[5:51] Speaker 6: two basis points.
[5:52] Speaker 5: And John, futures, they're lower this morning as we begin
[5:55] Speaker 5: a new trading week. Earnings will be in focus, especially
[5:58] Speaker 5: from tech companies. And we get details with Bloomberg's Charlie Pellett.
[6:01] Speaker 1: As earnings season winds down, S & P 500 firms
[6:04] Speaker 1: have managed to grow their earnings by nearly 32% year
[6:08] Speaker 1: over year, according to Bloomberg Intelligence data. Kate Moore is
[6:12] Speaker 1: chief investment officer for Citi Wealth.
[6:15] Speaker 11: Look at this quarter after quarter of double digit blockbuster
[6:18] Speaker 11: earnings growth, incredibly high revenues, raising guidance. I mean, that
[6:22] Speaker 11: kind of momentum is not going to be derailed by
[6:25] Speaker 11: a couple of 25 basis point hikes.
[6:27] Speaker 1: This week, we'll be hearing from Dell, Sienna, Hewlett Packard Enterprise, MongoDB,
[6:33] Speaker 1: Palo Alto Networks and Snowflake. In New York, Charlie Pellett,
[6:37] Speaker 1: Bloomberg Radio.
[6:38] Speaker 6: Thanks, Charlie. Well, SpaceX and NASA, they're delaying the launch
[6:41] Speaker 6: of a planned mission to the International Space Station to
[6:44] Speaker 6: fix an oxidizer leak in the Dragon spacecraft's propulsion system.
[6:48] Speaker 6: NASA and SpaceX are doing additional testing. They didn't announce
[6:51] Speaker 6: a new target launch date for the Crew-13 mission. which
[6:54] Speaker 6: will be staffed by American, Canadian, and Russian astronauts. SpaceX
[6:59] Speaker 6: over the weekend did launch a $ 4. 3 billion NASA telescope
[7:04] Speaker 6: designed to study dark energy and dark matter. Again, it
[7:08] Speaker 6: took off successfully yesterday.
[7:10] Speaker 5: John, in the world of sports, Live Golf could file
[7:12] Speaker 5: for bankruptcy protection as early as next week. The Financial
[7:15] Speaker 5: Times is reporting the golf league is trying to find
[7:18] Speaker 5: funding for a slimmed-down version slated for 2027. The paper
[7:22] Speaker 5: says the league has sent settlement offers to the current
[7:25] Speaker 5: Live players who are owed millions in guaranteed payouts past 2026.
[7:29] Speaker 5: The Saudi sovereign wealth fund helped launch the league in 2022.
[7:37] Speaker 6: Thanks, Karen. And that brings us to five away on
[7:39] Speaker 6: Wall Street time for a look at some of the
[7:41] Speaker 6: other stories making news in New York and around the world.
[7:43] Speaker 6: And good morning, Michael Barr.
[7:45] Speaker 12: Good morning, John. One person has died and about 15
[7:48] Speaker 12: people are missing or unaccounted for after a major flash
[7:52] Speaker 12: flood at the Grand Canyon. The National Park Service said
[7:55] Speaker 12: that the body of the 46-year-old man was recovered near
[7:58] Speaker 12: Crystal Rapids along the Colorado River. The flooding forced the
[8:02] Speaker 12: evacuation of dozens of people and knocked out the sole
[8:05] Speaker 12: water pipeline serving tourists and residents. This woman was camping
[8:09] Speaker 12: along with her husband when they had to scrimp.
[8:12] Speaker 13: Once we got to the bridge, that's when this 15-foot
[8:16] Speaker 13: wall of water came through the campground in Phantom Ranch
[8:21] Speaker 13: and just wiped out all the bridges.
[8:24] Speaker 12: The Park Service says the flooding also swept large boulders
[8:27] Speaker 12: and metal structures into the Colorado River. More rain is
[8:31] Speaker 12: forecast for today. Jurors will resume deliberations this morning in
[8:35] Speaker 12: the Lindsay Clancy murder trial. Jurors are trying to decide
[8:38] Speaker 12: whether the Massachusetts woman should be held criminally responsible for
[8:42] Speaker 12: the deaths of her three young children. Defense lawyers for
[8:45] Speaker 12: Clancy say she was suffering from postpartum psychosis. Prosecutors say
[8:50] Speaker 12: she planned the strangulations and knew right from wrong. An
[8:53] Speaker 12: Ohio woman was arrested in Tennessee after going on the
[8:56] Speaker 12: run when she was facing charges after posing as a
[8:59] Speaker 12: registered nurse and physical therapist at a number of facilities.
[9:04] Speaker 12: Authorities in Erie County say Amanda Maynard Murphy worked at
[9:07] Speaker 12: two facilities in Perkins Township as far back as 2023.
[9:11] Speaker 12: Perkins Township Police Detective Joseph Rotuno says it's kind of
[9:15] Speaker 12: scary when you realize how much access Murphy had while
[9:18] Speaker 12: working at these facilities.
[9:20] Speaker 10: As an RN, being around medications, controlled substances, and then
[9:26] Speaker 10: a physical therapist, being around patients and patient records.
[9:29] Speaker 12: Murphy fled in January of 2025 when she was indicted.
[9:33] Speaker 12: She was found in Tennessee over the weekend. Tomorrow is
[9:36] Speaker 12: primary day in Massachusetts. Among the gubernatorial race, eyes are
[9:40] Speaker 12: also on a Democratic U.S. Senate primary. Incumbent Ed Markey,
[9:44] Speaker 12: who is 80, is up against Representative Seth Moulton, who
[9:47] Speaker 12: is 47. Global news 24 hours a day and whenever
[9:51] Speaker 12: you want it with Bloomberg News Now, I'm Michael Barr
[9:53] Speaker 12: and this is Bloomberg.
[9:55] Speaker 5: Thanks, Michael. Time now for our Bloomberg Sports Update and
[9:59] Speaker 5: for that we bring in... John Stashower.
[10:01] Speaker 14: Thanks, Karen. Opening night at the U.S. Open provided a
[10:04] Speaker 14: massive upset. Novak Djokovic's 20th U.S. Open is already over.
[10:09] Speaker 14: He had never before lost to the U.S. Open first round.
[10:12] Speaker 14: He had not lost to the first round of any
[10:14] Speaker 14: Grand Slam since 2006 in Australia. He blew a two-set
[10:18] Speaker 14: to one lead. He battled physical problems and was upset
[10:21] Speaker 14: by Mariano Navoni, a 25-year-old from Argentina. Scotty Scheffler won
[10:26] Speaker 14: the FedEx Cup for the second time in three years.
[10:28] Speaker 14: He won $ 10 million. That's your Bloomberg Sports Update.
[10:32] Speaker 5: Stay with us. More from Bloomberg Daybreak coming up after this.
[10:40] Speaker 4: Coast to coast on Bloomberg Radio.
[10:42] Speaker 3: Nationwide on Sirius XM.
[10:44] Speaker 4: And around the world on Bloomberg.com and the Bloomberg Business App.
[10:48] Speaker 4: This is Bloomberg Daybreak.
[10:51] Speaker 2: And the U.S.
[10:51] Speaker 5: And Iran exchange strikes for the first time in about
[10:54] Speaker 5: a month. American forces hitting Iranian rocket launchers and the
[10:58] Speaker 5: Islamic Republic responding by firing missiles toward Jordan. Bloomberg's Wendy
[11:02] Speaker 5: Benjaminson says this comes as the U.S. focuses on squeezing
[11:06] Speaker 5: Iran economically.
[11:07] Speaker 15: So far, one bank has been threatened with sanctions and
[11:11] Speaker 15: another bank may be sanctioned this coming week. So we
[11:17] Speaker 15: haven't really seen the full force of this economic squeeze
[11:20] Speaker 15: the U.S. is planning, but that's their focus now.
[11:22] Speaker 5: We want to get the latest on the fighting in
[11:24] Speaker 5: the Middle East with Bloomberg Middle East breaking news editor
[11:27] Speaker 5: Patrick Sykes. Patrick, good morning. Well, we've been on the
[11:31] Speaker 5: quieter side for about a month. Let's talk about what
[11:34] Speaker 5: sparked this latest round of attacks. in the Middle East.
[11:38] Speaker 2: That's right, yes.
[11:38] Speaker 16: So the US says that Iran was preparing to fire
[11:41] Speaker 16: these rockets in order to place mines around the Strait
[11:44] Speaker 16: of Hormuz. I think the reason that matters is because
[11:48] Speaker 16: there's been something of a war of words between both
[11:51] Speaker 16: sides over the past couple of weeks. Within the framework
[11:54] Speaker 16: of this great kind of debate over who actually controls
[11:58] Speaker 16: the Strait, the extent to which it's open, the U.S.
[12:01] Speaker 16: saying that it removed all the mines, or Trump specifically
[12:04] Speaker 16: saying that, and Iran saying, no, that only it knew
[12:07] Speaker 16: where all the mines are. So the U.S., I think,
[12:10] Speaker 16: seizing on what it says was a deployment to add
[12:14] Speaker 16: mines into the Strait as a pretext for a return
[12:17] Speaker 16: to the military option.
[12:18] Speaker 5: Can we say that this means attempts to go after
[12:22] Speaker 5: Iran's economy are not working, or is this more about
[12:25] Speaker 5: just the importance of trying to keep traffic moving through
[12:29] Speaker 5: the strait?
[12:29] Speaker 2: I think the latter, yeah. We can expect the U.S.
[12:31] Speaker 16: To continue trying to increase the pressure on the economic side.
[12:36] Speaker 16: As the previous speaker said in that intro, we've been
[12:39] Speaker 16: told to expect further sanctions measures against banks. And that
[12:45] Speaker 16: strategy in general is something of an incremental one where
[12:49] Speaker 16: the U.S. will, I think, continue to designate individual entities, companies, banks,
[12:55] Speaker 16: potentially call out countries that it feels are are not
[12:59] Speaker 16: falling in line with the U.S. vision of cutting off
[13:04] Speaker 16: Iranian trade. In the meantime, the U.S. really needs to
[13:08] Speaker 16: do everything it can to reduce Iran's leverage over Hormuz.
[13:12] Speaker 16: That means keeping, albeit limited relative to the pre-war status quo,
[13:16] Speaker 16: keeping traffic moving to the extent that it can. And
[13:19] Speaker 16: that in turn means restricting Iran's ability to relay mines
[13:25] Speaker 16: that would impede that traffic.
[13:26] Speaker 5: So will this be an isolated incident then, or can
[13:30] Speaker 5: we expect the attacks to pick up once again?
[13:33] Speaker 2: I would expect more of this. I think the U.S.
[13:35] Speaker 16: Would like to see it be an isolated thing where
[13:39] Speaker 16: they strike every once in a while in their view
[13:41] Speaker 16: to sort of impede those individual attempts to restrict traffic.
[13:47] Speaker 16: But of course, there's two parties in this war, and
[13:49] Speaker 16: we can expect Iran to retaliate The way in which
[13:52] Speaker 16: it's done so so far appears to have been targeting U.S.
[13:56] Speaker 16: bases in Jordan and the UAE. And with every attack
[14:00] Speaker 16: and counterattack, you have the risk of further escalation. You
[14:04] Speaker 16: have the risk that Gulf countries like the UAE might
[14:08] Speaker 16: take a more aggressive stance themselves. And that just adds
[14:12] Speaker 16: to the risk of escalation. But I think for the U.S. itself,
[14:15] Speaker 16: it would like to see this as a limited strike.
[14:19] Speaker 2: So where are.
[14:20] Speaker 5: We when it comes to diplomacy? Because you did mention
[14:22] Speaker 5: there are two parties in this, but Friday we heard
[14:25] Speaker 5: about some creative discussions between Iran and Qatar. So any
[14:30] Speaker 5: idea what that means? Where are they headed when they're
[14:33] Speaker 5: trying to find a solution?
[14:35] Speaker 16: Yeah, last week was really busy in terms of the
[14:37] Speaker 16: diplomatic traffic. You know, in Tehran hosted within about three
[14:41] Speaker 16: days delegations from Pakistan, from Qatar and Oman. Qatar in
[14:46] Speaker 16: particular is interesting because A, has been a mediator in
[14:51] Speaker 16: the talks between Iran and the US in earlier stages
[14:54] Speaker 16: of this particular conflict. But it's also specifically important in
[14:59] Speaker 16: terms of the unblocking of Iran's frozen funds, with that
[15:03] Speaker 16: being a key demand of the Iranians as part of
[15:07] Speaker 16: any peace talks. We didn't get, as a result of that,
[15:11] Speaker 16: any clarity on what exactly they had or hadn't agreed
[15:16] Speaker 16: in terms of what would happen next.
[15:17] Speaker 2: To those funds.
[15:19] Speaker 16: But the readout from the Iranians was pretty positive, this
[15:22] Speaker 16: mention of creative solutions, albeit vague as it was. And
[15:29] Speaker 16: that in combination with this deal announced earlier in the
[15:32] Speaker 16: week with the Armani's where they were potentially agreeing on
[15:38] Speaker 16: the new route that would go through the strait, all
[15:42] Speaker 16: gave a kind of sense, I think, of progress. But,
[15:45] Speaker 16: you know, moments like this, days like this, where we're
[15:47] Speaker 16: seeing a return to military strikes are not going to
[15:51] Speaker 16: help matters.
[15:52] Speaker 5: And in all this, have we been hearing about U.S.
[15:55] Speaker 5: representatives coming to the table as well? Are they in
[15:58] Speaker 5: on these discussions at all?
[15:59] Speaker 16: The U.S., I mean, they're not in the room when,
[16:01] Speaker 16: you know, Iran is talking to the Pakistanis, but.
[16:06] Speaker 2: It's a mediation, right? So I think we can expect that.
[16:09] Speaker 16: The role the Pakistanis and the Qataris are playing, they
[16:13] Speaker 16: are visiting the Iranians often in person because of the
[16:16] Speaker 16: sensitivity of the talks. They're then going back and then
[16:20] Speaker 16: relaying certainly to Washington kind of what, if anything, they
[16:26] Speaker 16: feel is the room to be done on a deal.
[16:30] Speaker 5: Now, when it comes to the Strait of Hormuz, can
[16:32] Speaker 5: we just discuss what the situation is like then right now?
[16:34] Speaker 5: We are getting word that some crude is still getting through.
[16:38] Speaker 5: We're also getting word that some are also paying tolls
[16:41] Speaker 5: to transit.
[16:42] Speaker 16: On the crude side, I think there was a report
[16:45] Speaker 16: from Wall Street Bank last week saying we're back up
[16:47] Speaker 16: to about two-thirds of pre-war transit.
[16:50] Speaker 2: Traffic volume.
[16:51] Speaker 16: And that is a vast improvement from where we started
[16:55] Speaker 16: at the beginning of the conflict back in early March.
[16:59] Speaker 16: The squeeze is more on the refined product side and
[17:03] Speaker 16: also the LNG side, Qatar, of course, being a major
[17:08] Speaker 16: LNG exporter. So, The fact that traffic is happening or
[17:12] Speaker 16: the fact that oil, i.e. crude oil, is moving is
[17:15] Speaker 16: positive for the markets, but it's positive for a kind
[17:18] Speaker 16: of specific subset of the markets. And there are other
[17:22] Speaker 16: markets within the oil ecosystem that are still struggling. And
[17:26] Speaker 16: for the buyers who rely on those products, that means
[17:29] Speaker 16: that they're still wrestling with comparatively limited supply and comparatively
[17:34] Speaker 16: higher prices until there is a kind of more lasting
[17:38] Speaker 16: security situation in the region.
[17:41] Speaker 5: This is Bloomberg Daybreak, your morning podcast on the stories
[17:44] Speaker 5: making news from Wall Street to Washington and beyond.
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