Israel/Iran Conflict Escalates, Trump at the G7

Jun 16, 2025

Nick Wadhams, Bloomberg News National Security Team Leader, and Rob Thummel, Senior Portfolio Manager at Tortoise Capital, dive deep into the escalating Israel-Iran conflict. They discuss President Trump's remarks on Iran's desire for de-escalation and its implications for U.S. involvement. Wadhams analyzes the geopolitical dynamics at play, while Thummel sheds light on how these tensions are affecting global oil markets. The dialogue highlights the intricate relationship between political events and energy investments, showcasing the market's surprising resilience amidst turmoil.

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INSIGHT

Trump Disrupts G7 Unity

The G7 summit faces challenges due to President Trump's refusal to sign a joint statement on Israel-Iran de-escalation.
Other leaders focus on bilateral trade deals hoping to engage Trump outside of unified communiques.

INSIGHT

Trade Deals Top G7 Agenda

The main goal at the G7 is to secure some trade deals within a short 48-hour window.
Leaders hope to avoid major conflicts like the 2018 G7 disaster and project at least an image of unity.

INSIGHT

Trump: G7's Central Figure

President Trump dominates the G7 discussions as the center of attention for world leaders.
The U.S. is the outlier yet essential due to its military and economic power, causing awkward dynamics.

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US President Donald Trump said Iran wants to talk about deescalating the conflict with Israel even as the two sides exchanged deadly fire for the fourth consecutive day.
Asked about reports that Iran wants to work toward a resolution, Trump responded “yeah,” and added, “they’d like to talk, but they should have done that before. ”It’s painful for both parties but I would say that Iran is not winning this war,” Trump said at the start of a meeting with Canadian Prime Minister Mark Carney at a Group of Seven leaders summit in Kananaskis, Alberta. Asked if the US would get more involved militarily, Trump said he didn’t want to discuss it.

The Wall Street Journal reported earlier Monday that Tehran is signaling it wants to de-escalate hostilities with Israel and is willing to resume nuclear talks with the US as long as Washington doesn’t join the Israeli attacks. It cited Middle Eastern and European officials it didn’t identify. A similar report by Reuters says Iran conveyed the message through Qatar, Saudi Arabia and Oman.

Oil fell on the WSJ report, with Brent futures dropping around 4% after rising over 10% Friday. US Treasuries pared earlier drops and European bonds gained as traders reacted to diminishing concerns about inflation.

About the same time as Trump was speaking, Iran’s semi-official Mehr News Agency cited a senior security official as saying the country is prepared to deliver a “major blow” to Israel following its recent strikes on Iranian cities and targets. Shortly afterward, air raid sirens sounded as Israel reported it had detected more missile launches.
Today's show features interviews from the Bloomberg Technology Summit in San Francisco:

Bloomberg News National Security Team Leader Nick Wadhams on latest in Israel-Iran Conflict and Bloomberg News Correspondent David Gura on Israel/Iran Conflict and G7 Meeting
Beth Fouhy, Partner at FGS Global, on latest ICE Deportations, US Domestic News
Rob Thummel, Senior Portfolio Manager at Tortoise Capital on energy markets
and we Drive to the Close with Chris Fasciano, Chief Market Strategist at Commonwealth

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