Australiacrude

Former US Defense Secretary Lloyd Austin talks about the war in Iran, a possible peace deal, the importance of NATO and how a battle over Taiwan between the US and China could impact the global economy. He speaks to Bloomberg's London Bureau Chief Ruth David at the HSBC Gulf Cooperation Council Exchanges Conference in London.

Former US Ambassador to Morocco and Senior Iran Adviser to President Obama, Puneet Talwar, discussed the complexities surrounding ongoing US-Iran negotiations for an interim deal. Despite reports of suspended talks due to fighting in Lebanon, President Trump remains optimistic about continuous conversations with Iran. He speaks with Romaine Bostick & Katie Greifeld on "The Close."

Daan Struyven, co-head of global commodities research at Goldman Sachs, says the global economy and oil markets may go through an "empirical discovery process" if diesel inventories reach critical levels as he discusses price risks and weakening demand from the closure of the Strait of Hormuz.

Chevron CEO Mike Wirth discusses the impact of the war in Iran on oil prices and global supplies and says the company would not consider paying a toll to traverse the Strait of Hormuz.

Oil pared gains on a report that the US and Iran have reached a preliminary agreement to extend the ceasefire between the two countries and launch negotiations on the Islamic Republic's nuclear program. The memorandum of understanding would extend the truce by 60 days and states that shipping through the vital Strait of Hormuz would be "unrestricted," without any tolls paid to Iran, but the potential pact still requires President Trump's approval, Axios reported. Trump wants several days to mull over the deal, according to the report. An agreement to extend the truce would represent a diplomatic breakthrough and potentially bring the US and Iran closer to reopening normal maritime traffic through the strait, which usually carries around a fifth of the world's oil and liquefied natural gas supply. For more, we speak with Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

Iran and the US have reached a deal to extend a truce and work toward an agreement to end the war, Axios reported, sending oil prices lower. Tyler Kendall reports on "Bloomberg Open Interest."

Oil rebounded as fresh US military strikes in Iran clouded the outlook for an interim deal between Tehran and Washington to reopen the Strait of Hormuz. Stephen Stapczynski reports.

Oil gained Monday as traders weighed conflicting reports on Iran's uranium enrichment, a key sticking point in peace negotiations with the US that could dictate the pace of reopening the vital Strait of Hormuz. West Texas Intermediate traded above $101 a barrel Monday after sliding 5.7% in the previous session. Prices pared some gains after Al Jazeera reported no new uranium directive had been issued, citing an unnamed Iranian official. Traders have been on high alert for clues on the status of negotiations between the US and Iran to parse when the strait subject to a double blockade by Tehran and the US military might reopen and to gird against a potential return to active fighting. The virtual closure of the waterway, a key global energy shipping route, has caused energy prices to soar. We get reaction from Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

Enbridge President & CEO Greg Ebel discusses the agreement between Canada and the Alberta province about the carbon tax deal. He discusses the ramifications for future pipelines in the country and how it can affect North America at large going forward. He speaks with Katie Greifeld & Isabelle Lee on "The Close."

Alberta Premier Danielle Smith discusses plans for a new pipeline to the west coast of Canada and expects Asian firms will invest. She speaks with Katie Greifeld on "Bloomberg The Close."