Iran Ramps Up Tanker Attacks; SpaceX in Talks to Buy Nvidia Chips

SPEAKER_1 (0:02)

Bloomberg Audio Studios, Podcasts, Radio, News.

Nathan Hager (0:10)

Good morning, I'm Nathan Hager.

Karen Moskow (0:11)

And I'm Karen Moskow. Here are the stories we're following today.

Nathan Hager (0:15)

Karen, we begin with the latest from the Middle East. Iran has been stepping up attacks in the Strait of Hormuz in recent days, just as oil shipments are getting back to near pre-war levels. The UK's maritime trade operations has reported nine attacks in the strait so far this month. That's half the total for all of September in the strait and the Persian Gulf combined. Stuart Livingston Wallace is Bloomberg's head of Middle East coverage.

Stuart Livingston Wallace (0:37)

Our exact estimates for what's getting attacked and how often it's getting attacked are somewhat patchy because we know that not every attack is being reported and the level of damage that's being caused is very variable. However, based on the official reporting going through the UK Navy, which is sort of our benchmark for what's going on, yes, there absolutely has been much more in the way of reported attacks over the last several weeks.

Nathan Hager (0:59)

Bloomberg's Stuart Livingston Waller says it's not clear whether the latest escalation will mean shipments through Hormuz start to fall. Vice President JD. Vance told Reuters the US is in talks with Iran's president and foreign minister, but it's unclear who's making the country's decisions.

Karen Moskow (1:13)

Well, Nathan, as tensions ramp up in the Strait of Hormuz, Saudi Arabia is in a conflict with the Iran-backed Houthis around the Bab al-Mandeb Strait. Sources tell Bloomberg News the Trump administration is reluctant to get more involved in that fight and is trying to pull the Saudis back from sparking a major new war in Yemen. Earlier this week, Secretary of State Marco Rubio said Saudi Arabia has a right to defend itself.

Marco Rubio (1:36)

The Saudis and the Umani forces clearly are not in favor of the Houthis controlling that territory close to the Strait there. And it's territory that was gained as a result of a Houthi offensive and this is the counter to it. We expect that that would happen and that's what's happening.

Karen Moskow (1:50)

And that was Secretary of State Marco Rubio speaking to reporters on Monday. The US is providing limited defensive and logistical support, but sources say the US has told the Saudis not to send their own troops into Yemen while the war with Iran continues and Hormuz shipping remains disrupted.

Nathan Hager (2:05)

Karen, gasoline prices are up 46% since the war began and now President Trump says he's weighing a potential suspension of the federal gas tax as his administration looks for ways to ease high energy costs ahead of next month's midterm elections. The president was asked about it at the White House.

SPEAKER_6 (2:22)

After yesterday's diesel announcement, should the federal gas tax be suspended?

SPEAKER_7 (2:26)

We're thinking about that.

Nathan Hager (2:27)

And analysts say gas tax suspension would result in billions of dollars in lost revenue each month for the government and would likely lower prices between 10 and 16 cents per gallon.

Karen Moskow (2:36)

Well, let's get to domestic politics now, Nathan. And we're less than four weeks away from the midterm election and in Maine, Republican Senator Susan Collins had her first debate last night with Democratic former state Senate President Troy Jackson. Bloomberg Boston Bureau Chief Brooke Sutherland says the number one issue for voters in the Pine Street state is the cost of living.

Brooke Sutherland (2:57)

Obviously, this is a national issue that is dominating the midterms, but prices are particularly acute in Maine. And it is not just energy costs. I mean, that is a big deal in Maine, which relies on heating oil more than most places in the country. We've seen prices there skyrocket, but you were also seeing an acute housing crisis in Maine, which has had a huge influx of people over the past couple of years seeking that more laid-back lifestyle, that coastal living environment in Maine. It has been a significant per capita increase in Maine, one of the biggest in the entire country, and that is playing out in the housing markets.

Karen Moskow (3:32)

And Bloomberg's Brooke Sutherland reports Mainers are split on who's the better candidate on cost of living issues. Both Collins and Jackson got 47% support on that question. In a New York Times, Siena College poll, the same survey gave Collins a 3-point edge over Jackson among lucky voters.

Nathan Hager (3:49)

Well, as for the broader race for control of the Senate, Karen, the map may be widening in Democrats' favor. That's according to a new analysis from the Cook Political Report. The nonpartisan tracking group now rates the Senate race in Kansas a toss-up. Democrats haven't won there in 94 years, but a recent New York Times poll has Democratic megachurch pastor Adam Hamilton tied with Republican incumbent Roger Marshall.