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Trump, Putin Discuss Iran And Ukraine In Phone Call; Brent Oil Prices Briefly Top $125 A Barrel Amid U.S. Blockade; Supreme Court Ruling Kneecaps Landmark Civil Rights Law. Aired 5:30-6a ET

Aired April 30, 2026 - 05:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[05:30:00]

TAMAR JACOBY, DIRECTOR, NEW UKRAINE PROJECT, PROGRESSIVE POLICY INSTITUTE, CONTRIBUTOR, WASHINGTON MONTHLY: I don't think the war is ending anytime soon unfortunately. You know, Ukraine is holding its own against a much bigger, richer, more powerful enemy and Ukrainians can't afford to give up -- it's their country they're fighting for -- and Russia doesn't seem to want to give up.

The conversation is the Oval Office is a little absurd but perhaps we're going there next.

BRIAN ABEL, CNN ANCHOR: Yeah, you know, and maybe you answered kind of the next question I was going to ask you about that Oval Office moment where President Trump had an hour and a half phone call with Russia's president.

And Trump told my colleague Kaitlan Collins that both the Iran and Ukraine wars could end on a similar timetable, but he also said I think Ukraine militarily, they're defeated.

Is that an accurate assessment by the American president in your estimation?

JACOBY: It's not at -- it's not at all accurate. I mean, he confused, and sadly -- I heard the clip. He confused Iran and Ukraine. You know, I guess for him they're just two big countries far away. I mean, he went on after that comment to your -- to your reporter -- he went on to talk about the Iranian Navy, the Iranian Air Force, the Iranian ground situation.

But he has been snowed by Putin all along. When Putin tells him we're doing well, we're doing well, we're going to win in five minutes, Trump tends to believe him.

I mean, what's extraordinary is does he not understand that, you know, America is at war with Iran. Iran is one of Russia's closest allies and vice versa. Russia -- Iran has been sending drone weaponry and other weaponry to Russia for two or three years. Russia has sent intelligence -- targeting intelligence to Iran during the -- in the last couple of months of telling Iran how to hit American targets.

And yet, Trump has a cozy chat with Putin, you know, on the telephone as if Putin was on our side. Putin is on the other side. And it's kind of -- it's -- you know, does Trump not realize it or does he just not want to realize it? It's a little alarming.

ABEL: I did find it intriguing to say the least when he said that Putin was interested in helping with the enriched uranium given the context that you just laid out.

Tamar, aside from diverted attention, the was in Iran is having other impacts in Ukraine. Can you help us understand some of the trickle down effects here?

JACOBY: Yeah, they're both -- yes, they're both good and bad.

So the bad is that, you know, the oil price -- the raised oil price helps Russia. That's how it's -- that's how it basically funds its economy and how it's funding the war. The blockade of the Strait of Hormuz hurts Ukraine the way it hurts everybody. It means higher fuel prices here and really important for Ukraine, higher -- much less fertilizer and higher fertilizer prices. The Ukrainian economy is based now these days largely on agriculture and it's going to really hurt the farmers here that fertilizer is harder to get.

The other thing is that we -- America and its allies used up a lot of Patriot missile interceptors. Those are the -- that's the weaponry that can -- basically, a bullet shoots down a bullet. And Ukraine relies on those for its survival and we used up a bunch of what's in the storerooms.

But the good thing for Ukraine is that the world has suddenly recognized its military prowess. The Gulf States asked Ukraine to come help them fight off the Iranian drones. A lot of European countries who recognized it but had not been acting on it have -- are starting to sign deals with Ukraine.

I mean, the Ukrainian arms industry is a huge development of the last two or three years and they know how to fight off drones and fight war in a way that the West doesn't know how. And we -- a lot of the world woke up to that in Iran and that's good for Ukraine because it means partnerships and military defense industrial deals, and just new recognition.

I think there's a new awareness dawning in Europe and the Middle East, at least, if not America, that it's not really about the rest of the world helping Ukraine, it should -- it's really about a partnership between Ukraine, which has a lot of strengths and the West, which needs it in many ways.

ABEL: All right, Tamar Jacoby. Really appreciate you lending us your expertise this morning, Tamar, from Kyiv, Ukraine. Thank you.

JACOBY: Thanks for the opportunity.

ABEL: Police have released bodycam footage showing the aftermath of a stabbing of two Jewish men in London. In the video officers confront and taze the suspect shortly after Wednesday's attack. And police say the suspect has a history of violence and mental health issues. He was arrested on suspicion of attempted murder. And police say both victims are in stable condition.

Prime Minister Keir Starmer called the stabbing an utterly appalling antisemitic attack. It is just the latest in a string of attacks targeting London's Jewish community.

[05:35:00]

President Trump's potential plan to extend the blockade of Iranian ports is sending oil prices soaring yet again. Next, we will discuss with an expert what this means for oil exporters in the region.

(COMMERCIAL)

ABEL: Welcome back to EARLY START. This is your business breakout.

[05:40:00]

Here is where the U.S. futures stand ahead of the opening bell on Wall Street. The Dow down. S&P 500 and the Nasdaq starting the day in the green.

Let's check some of today's business headlines now.

The Federal Reserve held interest rates steady during Jerome Powell's final meeting as chair. Speaking after the meeting, Powell said he will step aside when his term ends in May, but he will remain on the board for now. Powel emphasized the uncertainties around the Iran war and warned about political pressure on the Fed's independence.

Elon Musk is getting ready to resume testimony today in his lawsuit against OpenAI. Musk insists the company betrayed its initial nonprofit mission and also him by creating a for-profit subsidiary. Musk also said he wanted control over OpenAI since he provided almost all the funding. OpenAI says the lawsuit is Musk's effort to weaken a competitor.

Brent Crude oil prices, the global benchmark, briefly surged above $125 a barrel earlier today. It is the highest price since 2022. This comes as U.S. gas prices continue to soar amid the war with Iran. AAA says the national average for regular gas right now is $4.30 a gallon.

Amena Bakr is the head of Middle East Energy and OPEC+ Insights at Kpler, and she is joining us live from Dubai. Amena, thank you for joining us.

So let's talk about this new wartime high for Brent Crude topping $125 a barrel. Is the Strait of Hormuz the single driver of this? What other factors are at play here for the layperson who may not follow or fully understand the global oil distribution process?

AMENA BAKR, HEAD OF MIDDLE EAST ENERGY AND OPEC+ INSIGHTS, KPLER: Well, simply speaking, yes, the strait is still constrained Brian and that's what's really causing this spike. But in addition to that, I mean, the U.S. blockade of the strait is preventing those additional barrels that mainly came out of Iran from getting out of the strait, and that's putting more pressure on prices. Plus, we're hearing headlines now that the U.S. might, you know,

continue -- extend the blockade or even have some form of military operations begin again. And that, of course, raises geopolitical tension and it's reflected in the prices.

ABEL: And Amena, when I see this disruption it, for some reason, reminds me of back when we were all in COVID and all of the supply chain issues that prevented distribution of PPE, the personal protect equipment, for quite some time. And here in the states I remember then there was a strong push to shift manufacturing practices.

Are there similar lessons to be learned here about the reliance on today's particular oil supply chain model?

BAKR: Yeah, for sure there are lessons to be learned. But what I find Brian is that, you know, politicians have a short memory. From what we had in COVID was kind of a demand shock. Now we're facing a supply shock.

And I think countries here in the region, especially in the Gulf, are already making a lot of these contingency plans. If they can't rely on the Strait of Hormuz, they start to look at other ways they could export their oil. I mean, existing infrastructure is already present in Saudi Arabia and the UAE, but I think these countries will look to even expand beyond those pipelines and build new pipelines and just look for alternatives.

And more broadly, I think -- I mean, this is going to accelerate two things, and it should accelerate two things. More investment in the upstream sector since oil and gas is still really important for the global economy, but it will also speed up the energy transition to kind of, you know, have a more healthy, pragmatic mix.

ABEL: Amena, another headline this week in this space. The UAE announcing it would exit OPEC, the Organization of the Petroleum Exporting Countries.

Help us understand if you can the significance of this decision.

BAKR: Sure. I mean, the UAE exiting OPEC -- this is something that was mentioned or, you know, was brought up before in 2021. They had grievances over their quotas. They wanted to supply more oil, and they chose to do it at this time, claiming the fact that, you know, the Strait of Hormuz is still blocked. You have all the supply trapped. And once that's lifted and things normalize, they would like to supply more barrels to the international market but also to the domestic market. So that's the reason they gave behind their exit.

In addition to this, I mean, it, of course, has a political angle here. I mean, the UAE has, you know -- wants to become more independent and have the kind of right and flexibility to supply markets. And I think -- I mean, but just generally speaking, if you look at OPEC as a group, I think they'll still manage to function as this market management tool, which is very, very necessary at this time as we still have high levels of volatility. And I think the role of OPEC is still really important. [05:45:00]

ABEL: Amena Bakr in Dubai for us. Thank you for helping us understand this a little bit more -- appreciate it.

BAKR: Thank you.

ABEL: The U.S. Supreme Court strikes down a key part of a leading civil rights law and tosses out a congressional map. Why that could help Republicans keep the House come November.

(COMMERCIAL)

ABEL: Welcome back. I'm Brian Abel. Here are some stories we are watching today.

President Donald Trump is considering an extended blockade of Iranian ports. Sources say the strategy is to tighten the grip on Iran's economy to force Tehran back to the negotiating table. According to state media a top Iranian military official says Tehran will not tolerate such an extension.

[05:50:05]

Former FBI director James Comey is free without conditions after his first court appearance. The Justice Department charging him on Tuesday with threatening President Trump in a social media post of seashells spelling out "86 47." Comey's attorneys called the case a vindictive prosecution.

Rob Reiner's son will have to wait until September for a judge to set a preliminary hearing date in his murder trial. Nick Reiner appeared briefly in a Los Angeles court Wednesday. He pleaded not guilty back in February to killing his parents. Prosecutors say they are still waiting for autopsy results.

America's landmark 1965 Voting Rights Act has suffered another major blow. In a 6-3 ruling, the Supreme Court scrapped Louisiana's contested congressional map which added a second Black Democratic lawmaker to the state's overwhelmingly white Republican delegation. The court called that 2024 map an unconstitutional, racial gerrymander.

The decision upholds a lower court's ruling that Louisiana's mapmakers relied too heavily on race to crate that second majority Black district.

The court's three liberal justices filed a long dissent.

Here is CNN's chief Supreme Court analyst Joan Biskupic.

(BEGIN VIDEOTAPE)

JOAN BISKUPIC, CNN CHIEF SUPREME COURT ANALYST: The Supreme Court's decision rolling back protections for Black voters represents another dramatic turn in the justices' opposition to policies once believed vital to counteracting race discrimination.

The decision also marks a defining moment for the court under Chief Justice John Roberts who has long opposed race-based measures. Three years ago the justices, by the same 6-3 vote as Wednesday, ended racial affirmative action in higher education admissions.

This new decision in a Louisiana case follows a series of decisions restricting the reach of the 1965 Voting Rights Act and it will mean fewer chances for minority voters to elect candidates of their choice. The decision is already changing some Republican states' approach to the midterms hoping to give their party an edge.

The gravity of the case played out in dueling opinions for the majority and dissent were announced from the courtroom bench. Samuel Alito, speaking for the conservative majority, began by detailing the history of the case, which began with redistricting after the 2020 census and he related the intricacies of the disputed section two of the Voting Rights Act that prohibits discrimination.

This case specifically involved a challenge to district maps that diluted the Black voting power in the state. No longer would challengers be able to point to the effects of vote dilution to succeed in a lawsuit. Rather, they would have to show that state legislators had a discriminatory purpose or motivation.

Then Elena Kagan, who sits next to Justice Alito, spoke for the dissenters. She was passionate about how the new case would further undermine the iconic Voting Rights Act. "This court's project to destroy the Voting Rights Act is now complete," she said. Then she added, "This act was born of the literal blood of Union soldiers and civil rights marchers. For over a decade," Kagan said, "this court has set its sights on the Voting Rights Act."

Indeed, this decision may have been evitable given the transformed bench since John Roberts took over two decades ago. A succession of conservative jurists has joined, including three appointees of President Donald Trump and now the Roberts' court goal aligns with Trump's own efforts to curtail the voting rights protections and influence the upcoming midterm elections.

Joan Biksupic, CNN, Washington.

(END VIDEOTAPE)

ABEL: The Trump administration is ramping up restrictions on potential asylum seekers. It is ordering all U.S. embassies and consulates to deny visas to applicants who say they fear persecution in their home countries. This new rule -- it applies to people trying to get non- immigrant visas, which include those for tourists, students and temporary workers. Applicants have to be on U.S. soil in order to seek asylum.

A source tells CNN the U.S. had already increased vetting for student visas and paused decisions on immigration applications to ensure that they meet new regulations.

You are watching CNN. More after a quick break.

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[05:59:10]

ABEL: The Houston Rockets have some fuel left in the tank after all. Jabara Smith Jr. leading the way with 22 points as the Rockets survived a win or go home game against the Lakers. Game six this Friday in Houston.

The Detroit Pistons hitting on all cylinders in game five against the Orlando Magic at home. Cade Cunningham dropping 45 for the home team. The Magic can close out the series Friday in Orlando.

And Cleveland now leads Toronto three games to two. Donovan Mitchell with the slam as the Cavaliers edge the Raptors 125-120.

Let's go from the hard court now to the ice and an overtime thriller in the battle of Pennsylvania. The Flyers' Cam York carries the game winner with 2:28 left in the extra period sending the Penguins packing.

If one overtime wasn't enough how about two? That's when the Vegas Golden Knights were finally able to break the deadlock with the Utah Mammoth. Vegas leads that series three games to two.

And in Tampa the Montreal Canadiens are now a game up on the Lightning. The final score 3-2.

Thank you for joining us here on EARLY START. I am Brian Abel in Washington. "CNN THIS MORNING WITH AUDIE CORNISH" starts right now.