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Costly US Missiles Countering Cheap Iran Drones

The strikes on Iran are reinforcing the critical role of defense primes that produce air, missile-defense, and strike capabilities. But there are questions about the cost of US missiles versus cheap Iranian drones. Bloomberg Intelligence senior analyst and retired Army Colonel Wayne Sanders speaks with Caroline Hyde and Ed Ludlow on "Bloomberg Tech."

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Oil Surges as Impact of War on Middle East Energy Assets Deepens

Oil surged for a second day as the US and Israel stepped up their war against Iran, with the sprawling conflict's impact on energy assets in the Persian Gulf deepening. US oil futures surged as much as 9.5% after Iraq cut output at the giant Rumaila oil field and appears poised to shutter about 3 million barrels a day of output if the crisis persists, according to people familiar. Storage at the fields has been tightened because of disruptions in the Strait of Hormuz, a key shipping route, underscoring how export bottlenecks are translating into tangible supply losses.  Bloomberg's Vincent Piazza joins to discuss.

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Reeves Says UK Had No Legal Basis to Attack Iran

Chancellor of the Exchequer Rachel Reeves says the UK was not going to support a US strike on Iran just to try and finalize a trade deal. "You can't make a decision about whether to get British armed forces involved in a conflict because it may or may not make it more likely to get a trade deal," Reeves told Bloomberg's Stephanie Flanders in an interview on Tuesday.

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