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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.

The US and Iran exchanged fire in the Persian Gulf in a flareup of violence on Monday that also drew in the United Arab Emirates. Bloomberg's Joumanna Bercetche reports.

Eurasia Group's Ian Bremmer says President Donald Trump doesn't have the ability to reopen the Strait of Hormuz right now. But he does say Iran is desperate. He speaks to Joe Mathieu and Carol Massar at the Milken Global Conference.

The United Arab Emirates will leave OPEC and its wider alliance on May 1 as the global oil industry grapples with the massive supply disruption caused by the Iran war. Alaric Nightingale reports on Bloomberg Television.

Treasury Secretary Scott Bessent says that many Persian Gulf allies along with a number of Asian nations have requested foreign exchange swap lines with the US. He speaks during testimony before the Senate Appropriations Subcommittee on President Donald Trump's 2027 budget request.

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.

Property developers in the UAE have held calls with investors to allay concerns over a potential liquidity crunch after their bonds slipped into distressed territory. Katralnada BinGhatti, CEO & Managing Director of BinGhatti Holding spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche about the plans they're putting in place to deal with the regional situation.

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.

Dubai has long been considered a safe haven in the Middle East. But Iran's unprecedented strikes against US allies across the region have put that model to the test.