Bloomberg This Weekend | Trump Calls Iran “Small Potatoes”, US Envoys in Russia

Summary

Bloomberg This Weekend covers the escalating U.S.-Iran conflict, record diesel and gas prices, and oil market risks tied to the Strait of Hormuz. It also previews Apple's major product launch under new CEO John Ternus and discusses OpenAI's GPT-6 Astra release. Later segments include market strategy with Jonathan Golub, European and defense policy with the EU ambassador and Mark Esper, and non-market stories on bureaucracy and the time tax.

• U.S. central command reportedly destroyed IRGC-linked oil tankers after Iran targeted Navy warships; crude traded above $90 and diesel hit a record $5.88 per gallon.
• Oil reporters flagged a distillate crisis from Russian refinery attacks and Strait of Hormuz shipping constraints.
• Apple is expected to launch a foldable iPhone Ultra and broader product refresh under new CEO John Ternus.
• OpenAI released GPT-6 Astra with staged cybersecurity access, with Sam Altman discussing AI cyber defense.
• Jonathan Golub said markets are pricing a Fed hike after the strong jobs report and sees tech valuations below average and rising long-end yields on financing needs.
• The Venezuela oil deal faces industry skepticism and is unlikely to cut pump prices before the midterms.
• Mark Esper discussed Pentagon turnover, NATO burden-sharing, and the need for allies to increase defense spending.
• Annie Lowrey discussed the "time tax" of bureaucracy and how U.S. public administration compares poorly to some peers.