Oil Prices Settle as Iran Truce Remains in Focus
Good morning. Oil prices calm as the fragile US-Iran ceasefire holds. Apple considers plans to produce more chips in the US. And temporary art is the new norm. Listen to the day’s top stories.
— Tiago Ramos Alfaro
Market Snapshot
Market data as of 06:52 AM ET. Data is subject to provider delays.
The fragile US-Iran ceasefire is holding even after a day of clashes involving shipping in the Strait of Hormuz. Hundreds of ships were seen clustering near Dubai as more vessels moved away from the still-empty waterway in response to Iran’s efforts to widen its area of control. Watch Bloomberg TV explain the latest flareup of violence. As for oil prices, they edged lower, settling after yesterday’s sharp spike.
Apple’s branching out. It’s said to have held exploratory talks about using Intel and Samsung to produce the main processors for its devices in the US. As far back as 2022, CEO Tim Cook was worrying about relying so heavily on supply from its long-term partner Taiwan Semiconductor Manufacturing Co. and it’s been working on solutions including a made-in-US chips push in Phoenix.
The tech giant is also is preparing a new “Create a Pass” feature for its next major iPhone software update, people familiar said. The new tool will allow users to build and customize their own digital tickets and gift cards within the Wallet app, and adds to a string of enhancements set to be unveiled in June.
In other corporate news, GameStop’s bold $56 billion bid for eBay is drawing serious skepticism from investors. Michael Burry—who helped fuel the gaming retailer’s rally in 2019—sold off all his shares, calling the strategy “never compatible.” And Elon Musk agreed to pay $1.5 million to settle Securities and Exchange Commission allegations that he cheated Twitter shareholders in 2022 by failing to properly disclose his growing stake.
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Opinion
The risk of a restart in the Iran war is irrationally high, Marc Champion writes. Overconfidence in both Washington and Tehran makes a resumption of a war born of hubris just one further mistake away.
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Before You Go
Public art is increasingly temporary, with artists favoring spectacle and virality over permanence, a shift pioneered by Christo and Jeanne-Claude’s wrapped Pont Neuf back in 1985. Over 40 year later, French artist JR is set to revisit the famed bridge with plans to turn it into a rocky cave.
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