00:00The president, however, posting on Truth Social this morning that the Strait of Hormuz could reopen if Iran agrees to
00:06a deal, and if it doesn't, to quote the president here, the bombing starts.
00:10That raised Brent just a little bit. For more, Bloomberg Washington correspondent Tyler Kendall joins us now.
00:14Tyler, get us up to speed. As I say, it's been a dynamic morning in Washington. It's been a dynamic
00:18morning around the world.
00:19We've kind of processed all of this news. What's the latest on these negotiations over again, that one-page memo?
00:25Well, David, it has been a fast-moving morning when it comes to the headlines, and President Trump here is
00:30essentially ramping up the pressure to get an agreement over the finish line,
00:35threatening that the U.S. could resume military operations if Iran does not agree to a deal.
00:40Still, within the last hour, the New York Post reported that President Trump still says that it is, quote,
00:45too soon to talk about any preparations about another round of in-person talks that would essentially be needed to
00:52finalize any deal.
00:53People familiar with the matter do tell us here at Bloomberg News that Iran is reviewing this one-page memorandum
01:00of understanding that you had mentioned,
01:02and that they are expected to respond within the next 48 hours via Pakistani mediators.
01:08It is our understanding that this agreement would see a gradual reopening of the Strait of Hormuz in exchange for
01:13the U.S. lifting its naval blockade.
01:16Axios put a little bit more of a finer point on the details,
01:18including that this could kickstart a 30-day negotiating period where we could see curbs emerge on Iran's nuclear program.
01:26This has, of course, been the big sticking point for this White House,
01:29that they want assurances that Iran could put into effect a moratorium on uranium enrichment.
01:36For example, though, at this point, it's still unclear exactly what those details will entail.
01:41Well, and we should say also at this point, nothing has been agreed to.
01:44In fact, we heard from administration officials so far throughout this week urging caution that a fractured leadership in Iran
01:51does pose the risk to derail any potential progress.
01:54But still, David and Bonnie, yesterday, the message from the administration was very clear,
01:59that this U.S. government wants to take a defensive position,
02:03and that they don't have any intent to strike Iran unless Iran strikes first.
02:07The U.S. government wants to take a defensive position,
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