War Causes Market Turmoil; Trump Seeks Oil Security

30 snips

Mar 4, 2026

Guest

Michael Barr

Michael Barr, Bloomberg correspondent covering New York headlines. Patrick Sykes, Middle East breaking news editor with regional updates. Paul Wallace, Middle East managing editor reporting on-the-ground developments. They discuss escalating strikes across the Middle East, U.S. plans to secure oil shipments, market turmoil from the conflict, diplomatic fallout and possible paths to de-escalation.

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INSIGHT

US Promises Protection But Oil Markets Stay Nervous

President Trump pledged US naval escorts and insurance guarantees to protect oil shipments through the Strait of Hormuz.
Despite the pledge, oil prices remained elevated with NYMEX at $76.61 and Brent at $83.80, showing market unease.

INSIGHT

Allies Decry Strikes For Skipping International Process

Several Western leaders criticized US-Israeli strikes on Iran for bypassing allies and the UN, framing it as a breakdown of international order.
Mark Carney called the conflict an example of failed multilateral frameworks despite decades of IAEA and UN efforts.

INSIGHT

UK Refuses Military Action In Exchange For Trade Leverage

UK Chancellor Rachel Reeves said military decisions must be based on legality and principle, not on trade incentives with the US.
Reeves defended Britain's refusal to join strikes, saying armed force cannot be traded for better deals.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said the US will ensure safe passage of oil from the Middle East to head off a potential energy crisis caused by the war with Iran, which continues to reverberate across the region and roil markets. The fighting has showed no signs of abating five days after it erupted, with Israel and Iran continuing to exchange airstrikes and missile fire. Hundreds of people have died in Iran and dozens elsewhere in the region, while the US says six of its servicemen have been killed. In all, about a dozen nations have become embroiled in the conflict, with Tehran striking at US bases and embassies across the Middle East, and Israel launching an air and ground offensive against Hezbollah in Lebanon after it came under attack from the Iran-aligned group.
2) Canadian Prime Minister Mark Carney said his support for US military action in Iran came “with regret” because the current conflict is another example of the failure of the international order. Israel and the US acted without engaging the United Nations or allies including Canada, he noted. At the same time, Carney said he agrees with the objective of stopping Iran from obtaining nuclear weapons or further threatening international peace and security through its support of terrorism. Meanwhile, Chancellor of the Exchequer Rachel Reeves said the UK shouldn’t sacrifice its principles for more favorable trading terms with the US, as she stood by the government’s decision to withhold British backup for the American-Israeli assault on Iran.
3) US Senator John Cornyn and Texas Attorney General Ken Paxton are heading for a runoff in the Republican primary for the US Senate in Texas, while state Representative James Talarico defeated Congresswoman Jasmine Crockett in a Democratic race that was marred by legal challenges. In the GOP primary, Cornyn was leading with a little more than 42% support, less than two points over Paxton as of early Wednesday. A third candidate, US Representative Wesley Hunt, won enough votes to deny either a majority, sending Cornyn and Paxton to a two-person race to be decided in May. The runoff sets up more than two months of additional campaigning that will further drain the candidates’ coffers as Republican seek to defend their majority in the Senate in November.

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