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We begin the week with the US and Iran having reached an interim deal
to end hostilities and reopen the Strait of Hormuz.
This news sent oil prices lower and sparked a relief rally across Asian markets.
Officials from both countries are set to meet in Switzerland on June the 19th where the agreement will be formalized.
Everyone has discovered from the past six years that these big one-off,
supposedly one-off disruptions, can happen with frequency.
That's Bloomberg's Tracy Alloway.
Tracy co-hosts the Odd Lots podcast and she spends a lot of time
looking at the long-term impacts of geopolitics on the global economy.
And so the lesson that everyone's been internalizing is that you need to build up stockpiles,
you need to have independence in terms of your crucial supplies, you need to have additional capacity.
And few places have shown the need for independence and extra capacity more clearly than in Asia
over the past few months.
After the US and Israel went to war with Iran, the Strait of Hormuz grounded to a halt,
choking off supplies of virtually every major commodity, including one-fifth of the world's oil.
But I think a lot of great things are going to happen in the Middle East right now,
and very importantly the oil is plummeting down.
At the G7 summit in France, President Trump touted a deal the US reached with Iran's regime