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The US and Iran are locked in a battle for control of the Strait of Hormuz after failing to meet for a fresh round of peace talks even as President Donald Trump says he'll keep a ceasefire in place. Michael Ratney, the former US ambassador to Saudi Arabia, shares his perspective on "Bloomberg The Close."

Oil rose a second day after Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, but futures remain on track for their biggest weekly loss since June. According to Saudi Arabia's press agency, the nation's production capacity has been cut by around 600,000 barrels a day. Bloomberg's Anthony di Paola breaks down the situation.

Energy Aspects Global Gas Head Livia Gallarati discusses energy markets amid the fragile ceasefire between the US and Iran. Speaking on Bloomberg Television, she says both oil and gas facilities will take time to ramp up. "Anything new is probably not going to be coming into the Strait [of Hormuz]. Shipowners don't have that risk appetite for now," Gallarati says. Asked whether prices will fall back to pre-war levels, she says: "I wouldn't put my money on that."

Bloomberg's Benedikt Kammel discusses the impact of the two-week ceasefire between the US and Iran on airlines and the implications for jet fuel prices and air fares.

Oil whipsawed after the Wall Street Journal reported President Trump telling aides he's willing to end the military campaign in Iran even if the crucial Strait of Hormuz remains largely closed. Sasha Foss, Energy Analyst at CSC Commodities Marex spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the future of oil prices.

President Trump says Iran has given the US most of the 15 demands to end the war even as it remains unclear whether either side is negotiating. William Roebuck, Executive Vice President at the Arab Gulf States Institute and a former US Ambassador to Bahrain spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche about the US ground troops in the Mideast.

Hugh Gimber, global market strategist at JPMorgan Asset Management, discusses market positioning as the Iran war continues and Macquarie said oil may hit a record $200 a barrel if the conflict drags on until June. "I think it would be a recession at $200 a barrel," Gimber tells Bloomberg Television. "That's why we're seeing such focus on finding an off-ramp," he adds.

Oil steadied as US President Donald Trump again pushed back a deadline for striking Iran's energy. Brent crude is on pace for a record monthly gain in March. Bloomberg's Anthony di Paola reports.

Iran indicated Thursday it was still awaiting a response after rejecting a US 15-point plan to end the war and offering its own conditions that would include recognition of its authority over the Strait of Hormuz. Meanwhile, Malaysian Prime Minister Anwar Ibrahim said Iran has allowed Malaysian vessels trapped in the Persian Gulf to return home through the Strait of Hormuz. Bloomberg's Joumanna Bercetche reports.

President Donald Trump speaks to reporters at the White House about the war with Iran and fully reopening the Strait of Hormuz. "I don't want to do a ceasefire. You know, you don't do a ceasefire when you're literally obliterating the other side," he said. "We're not looking to do that." Bloomberg's Joe Mathieu has the latest.