Australiagas

US Treasury Secretary Scott Bessent says the Trump administration has asked Congress to eliminate the gas tax during testimony before the House Ways and Means Committee.

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.

Former BP Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company's version of events, deepening the turmoil around the UK oil major's latest leadership change. BP fired Manifold on Tuesday after eight months on the job, citing "serious concerns" related to "governance standards, oversight and conduct." Bloomberg's Mitchell Ferman has more.

Jarrod Agen, Executive Director of National Energy Dominance Council and President Trump's energy advisor joined Bloomberg Open Interest to talk about how gas prices will drop fast once the Strait of Hormuz reopens. He also defends the administration's aggressive "Drill Baby Drill" agenda. Agen touts record oil lease sales, LNG expansion, Alaska drilling, and a possible gas tax holiday as America races for "energy dominance."

Williams CEO Chad Zamarin joins Bloomberg Open Interest to explain why the AI boom is triggering the biggest natural gas demand surge in decades. He explores why data centers are overwhelming the power grid, why natural gas is becoming the backbone of AI infrastructure, and how America's energy "superpower" could protect the US from global energy shocks.

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."

Morgan Stanley Chief US Economist expects US inflation to peak this year in May or June. He says the latest CPI report will keep the Federal Reserve on the sidelines for the rest of this year. He speaks on Bloomberg Surveillance.

JPMorgan Chase Chairman and CEO Jamie Dimon says the effects of the Iran war are getting more serious each day. He also says the wealthier American consumer "is spending like they should." He speaks to Bloomberg's Francine Lacqua at the bank's annual Global Markets Conference in Paris.

University of Michigan Surveys of Consumers Director Joanne Hsu discusses the persistent consumer pessimism despite stable macro indicators. She says the cost of living and high prices, especially a recent spike in gas prices, remain the dominant concern and are now clearly showing up in weaker demand. She speaks on "Bloomberg Open Interest."

Steven Mnuchin, founder of Liberty Strategic Capital and former US Treasury Secretary, says he supports the proposal released by the Securities and Exchange Commission that will allow US companies to choose to report earnings semiannually. Speaking at the Milken Institute Global Conference in Beverly Hills, California, Mnuchin also comments on the economic impact of AI, the conflict in Iran, the federal budget deficit and Federal Reserve monetary policy.