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The US says a Navy ship was not hit by Iranian missiles then forced to retreat near the Gulf of Oman. Meanwhile, the White House says the US will escort any stranded ships trying to go through the Strait of Hormuz. Bloomberg's Tyler Kendall has the latest.

The United Arab Emirates is leaving OPEC on May 1, dealing a blow to the group and its leader Saudi Arabia. UAE Energy Minister Suhail Al Mazrouei tells Bloomberg's Joumanna Bercetche that the timing is right because of the war in Iran. Bercetche spoke to him on the phone and she reports on "Bloomberg Open Interest."

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."

After some optimism on Friday, Iran took control of the Strait of Hormuz again over the weekend. The US also seized a ship and Tehran fired on vessels in the area deepening the global energy crisis. Bloomberg's Julian Lee has the latest.

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.

UK Prime Minister Keir Starmer traveled to the Gulf to meet with leaders in the region and discuss efforts to support and uphold the ceasefire between the US and Iran. Bloomberg's James Woolcock breaks down the situation.

Some refiners could wait several weeks for oil even after the Strait of Hormuz is fully reopened, keeping up the pressure on prices. Macquarie Group Global Energy Strategist Vikas Dwivedi said in a recent note that oil could hit a record of $200 a barrel if the Iran war drags on. He speaks on Bloomberg Surveillance.

Oil advanced as Iran-backed Houthi militants in Yemen entered the Middle East war and more US troops arrived in the region, raising fears the widening conflict will cause further chaos for energy markets. Bloomberg's Anthony di Paola reports.

Air travel disruption in the Middle East is ongoing and some carriers have halted passenger flights to destinations such as Dubai, Riyadh, and Tel Aviv. Bloomberg's Leen Al-Rashdan breaks down the situation.

The oil market has been roiled by the Iran war, with prices swinging wildly. For regions most dependent on Gulf exports, the strain is already apparent, with wider, global implications on the horizon.