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Iran "should" provide a response on Friday to the US proposal to end the war, Secretary of State Marco Rubio says. He spoke to reporters in Rome after meeting with Italian Prime Minister Giorgia Meloni.

The US and Iran clashed overnight near the Strait of Hormuz and the Iranian army seized an oil tanker carrying a cargo of the Islamic Republic's oil. Iran's Ministry of Foreign Affairs released a statement Friday saying US action is accompanied by contradictory statements and misleading propaganda by senior officials. Tyler Kendall reports on Bloomberg Television.

Christian Mueller-Glissmann, managing director for portfolio strategy and asset allocation at Goldman Sachs, discusses risk appetite amid US efforts to end the war in Iran. "A lot of the clients we speak to do very little in terms of taking a view on that conflict," Mueller-Glissmann tells Bloomberg Television. "They rather try to do tweaks and twists to the portfolio and focus on diversification."

Oil dipped in a volatile session as the US waited on Iran's response to its proposal to end the war and reopen the vital Strait of Hormuz. West Texas Intermediate crude futures briefly dipped as much as 5.5% to trade below $90 a barrel before paring most losses amid signs that Iran continues to assert its control of the crucial oil and natural gas transit route. Prices slumped 8% on Wednesday with renewed hope that the conflict, which has sparked a global energy crisis, might soon come to an end. We get reaction from Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

Federal Reserve Bank of San Francisco President Mary Daly says it is too early to tell if the central bank is at the end of its rate-cutting cycle and explains what she is watching for on inflation expectations from consumers and producers.

The US and Iran are circling around a fresh proposal to end the war, as President Donald Trump searches for an exit from the Middle East conflict. Bloomberg's Joumanna Bercetche has the details.

Eldridge Industries Co-Founder & CEOTony Minella discusses leaning into AI as an 'enabler,' why AI data center demand is not going away, and the undeniable strength of the equity markets. He talks with Katie Greifeld and Romaine Bostick at the Milken Institute Global Conference in Beverly Hills, California.

Eldridge Industries Co-Founder & President Tony Minella discusses leaning into AI as an 'enabler,' why AI data center demand is not going away, and the undeniable strength of the equity markets. He talks with Katie Greifeld and Romaine Bostick at the Milken Institute Global Conference in Beverly Hills, California.

US President Trump and Chinese President Xi will discuss China's purchases of Iranian oil, Trade Representative Jamieson Greer said on "Bloomberg Surveillance." The two leaders are scheduled to meet in Beijing on May 14 and 15.

US Trade Representative Jamieson Greer says he expects the European Union to keep "its side of the trade deal" that was agreed to in July. The EU has not ratified the package yet. Greer also says President Donald Trump will discuss China's purchases of Iranian oil when he meets with Xi Jinping next week. Greer speaks on "Bloomberg Surveillance."