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Retired US Army Colonel Wayne Sanders, now of Bloomberg Intelligence, says the US and Iran are involved in a "game of chicken." He says both sides are "upping their game" as President Donald Trump plans a full naval blockade of the Strait of Hormuz.

Leslie Vinjamuri, the President and CEO of the Chicago Council on Global Affairs joined Bloomberg Open Interest to break down the risks of a US blockade of the Strait of Hormuz, warning it could escalate tensions with China, fail to pressure Iran without incentives, and expose a lack of coordination with key allies. She explains why diplomacy, and not just force, will determine what happens next.

KBW Head of US Bank Research Chris McGratty breaks down Goldman Sachs' mixed reaction despite strong earnings. He joins Bloomberg Open Interest to explain why big banks, especially Citi, are his top picks, and highlights key risks in today's economy, including private credit and employment trends.

Jean Boivin, head of BlackRock Investment Institute, explains why the firm upgraded risk following the two-week ceasefire agreed to by the US and Iran.

Iran warned it would target all ports in and close to the Persian Gulf if its own shipping hubs are threatened, after US President Donald Trump announced plans for a blockade of Tehran-linked vessels in the Strait of Hormuz. Tyler Kendall reports on Bloomberg Television.

Goldman Sachs Group's equity traders beat their own previous all-time high by more than $1 billion, reporting revenue of $5.33 billion for the first three months of the year. Dani Burger reports on Bloomberg Television.

While the dollar's demise has been greatly exaggerated on many occasions, the war with Iran has put potentially irreversible strain on the global trading system, with gold reserves having eclipsed central bank holdings of valuation-adjusted dollar assets for the first time in the Bretton Woods II era. As President Trump rips up Pax Americana, owning fewer dollar assets becomes increasingly logical, and it's hard not to see the dollar's dominance continuing to ebb away over time, with gold's fortunes further revived.

The leader of South Africa's second-biggest party warned the country faces "profound risk" as factions within the ruling ANC battle over its next president. Newly elected Democratic Alliance leader, Geordin Hill-Lewis, spoke to Bloomberg's Joumanna Bercetche from Johannesburg.

Anna Edwards, Guy Johnson, Tom Mackenzie and Adam Linton break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

Insignia Financial (ASX:IFL) is poised to transition into private ownership and withdraw from the ASX.

Western Yilgarn (ASX:WYX) has bolstered its portfolio after being granted three core exploration licences.

Michael Metcalfe, global head of macro strategy at State Street Global Markets, discusses the ongoing impact of the Iran war on markets, inflation and the global economy. He speaks on Bloomberg Television.