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US President Donald Trump called on other nations to wrest control of the Strait of Hormuz as Iran maintained missile fire across the Persian Gulf, expressing his frustration that the monthlong war remains unresolved.

Countries that can’t get energy supplies due to the effective closure of the vital waterway should “go to the Strait and just TAKE IT,” Trump said in a social-media post on Tuesday.“You’ll have to start learning how to fight for yourself” as the US “won’t be there to help you anymore,” he added, the latest sign he’s looking to exit a conflict that’s triggered a surge in oil and gas prices and stoked fears of a global economic crisis. “Go get your own oil!” he added.

Stocks climbed and oil prices fell on hopes that both US and Iran might be looking for a way out of the war. WTI Crude was trading around $101 a barrel, travel stocks climbed and the S&P Energy Index turned negative, giving up an earlier gain of as much as 1.4%.

Those moves came after Iran’s state news agency reported a phone call between European Union Council President Antonio Costa and President Masoud Pezeskhian, who said the Islamic Republic has “the necessary will to end this war,” but only with guarantees “to prevent the recurrence of aggression.” It wasn’t immediately clear if his comments represent a change in Tehran’s position.
Tehran kept up strikes on Israel and countries around the Persian Gulf, including the United Arab Emirates and Saudi Arabia, with one attack hitting a large Kuwaiti oil tanker off the coast of Dubai. That was one of the most significant assaults on shipping since the US and Israel began bombarding the Islamic Republic on Feb. 28.

Today's show features:

Jennifer Welch, Bloomberg Economics Chief Geoeconomics analyst on state of ongoing Iran negotiations as Trump calls on allies to seize Hormuz as frustration mounts
Peter Atwater, Financial Insyghts President & Adjunct Lecturer of Economics at the College William & Mary on K-Shaped economy amid Iran shocks
Loren Grush, BN Space Reporter on Artemis II launch
Stew Leonard Jr., Stew Leonard's President & CEO on consumer pressures in the grocery aisle amid Iran, pricier Easter & Passover tables

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Trump Calls on Allies to Seize Hormuz as Frustration Mounts

Bloomberg Businessweek