00:00And President Trump, of course, confronting the mounting economic and political pressures domestically over the Iran war after days of
00:06dramatic fluctuations in energy markets, saying that he expects a conflict will soon be over.
00:12On Iran, you called it an excursion. You said it would be over soon. Are you thinking this week it
00:17will be over?
00:18No, but soon. I think so. OK. And with respect. Very soon. Look, everything they have is gone, including their
00:25leadership.
00:26In fact, there are two levels of leadership and even actually, as it turns out, more than that. But two
00:31levels of leadership are gone.
00:35Let's bring up Bloomberg editor Mike Keith. And as we speak, Mike, at the open, the costs be up 5
00:39.2 percent.
00:41You're seeing Samsung Hynix rebounding defense stocks down very much a the war is over trade.
00:47Very, very little detail from President Trump on how he intends to make that happen.
00:50Yeah, I mean, sometimes, you know, with markets, you're a bit when it's a geopolitical issue.
00:55I'm not sure they're always the best guide, because while the rhetoric was, you know, interesting there, there's just not
01:01a lot of substance behind what's said.
01:03I mean, what is the off ramp? You know, it's up to Iran what happens here.
01:07And even if excuse me, even if Iran has lost all its assets or its military capabilities,
01:14if it doesn't surrender, if it can keep tolerating the bombing, this goes on, you know, and that's what ends
01:19up happening is that in air campaigns,
01:21you end up having to find the next thing to hit the next thing.
01:23And then you get into civilian casualties and that sort of thing.
01:27And it ends up causing more problems. So I'm not sure where the off ramp is.
01:31I mean, Iran has come out its deputy foreign minister and said that, you know,
01:35they'd be prepared to talk peace if they got a guarantee of no more attacks.
01:39But, you know, this is a deputy foreign minister speaking. We need to hear from higher up, I think, there.
01:43Where we know that regime survival is really front and centre, right?
01:48There's no indication that there's any sort of reformist leadership that would meaningfully engage with the West?
01:54No, I mean, look, the new supreme leader who is the son of, you know, the deceased one,
02:00everyone has basically viewed that as a continuity election and that he is very, very closely aligned with the hard
02:07line of the regime.
02:08And, you know, there was an interesting statement from the Revolutionary Guards saying that
02:13if European and Middle East countries expel U.S. and Iranian, sorry, and Israeli ambassadors,
02:18then they could run their ships through the Straits of Hormuz.
02:21So Iran still seems to be very much active in this conflict.
02:25And while it's obviously had its missiles and its drones and these things degraded,
02:29it's still managing to fire on them.
02:30And while it does that, it continues to create this sort of ring of fire around it
02:34in the Persian Gulf that creates instability everywhere.
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