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Oil shipments from Iran's main export terminal appear to have come to a standstill over the past several days. European satellite imagery compiled by Bloomberg shows there were no ocean-going oil tankers observed at Kharg Island on May 8, 9 or 11. If Kharg Island were to remain idle, it would increase the pressure on the country's remaining storage facilities. Bloomberg's Stuart Livingstone-Wallace reports.

Fabio Bassi, head of cross-asset strategy at JPMorgan, discusses market sentiment as global equities rose on optimism that the US and Iran were nearing a deal. "The AI upstream theme is a critical diver of the dynamic of the equity market," Bassi tells Bloomberg Television. He adds that despite the oil supply shock in response to the situation in the Middle East, the message from earnings is still "positive."

Homayoun Falakshahi, head of crude oil analysis at Kpler, discusses energy markets as investors focus on the next step for peace talks between the US and Iran. He tells Bloomberg Television that should the US manage to sustain its blockade of the Strait of Hormuz for another two months, "Iran's oil revenues will drop to zero." Falakshahi also warns that should the waterway remain closed for another two months, prices for oil could go back to "roughly 120, 125 [dollars a barrel] for Brent."

Geoffrey Yu, senior market strategist at BNY, discusses the outlook for the energy sector and how it could impact Thursday's interest-rate decision by the European Central Bank. "The last thing that the ECB should be thinking about, I think, is tightening rates," he tells Bloomberg Television.

Ifo President Clemens Fuest says Germany could be "at the beginning of a stagflationary shock" after the institute's expectations index dropped to 83.3 in April from a revised 85.9 the previous month the lowest level since August 2023. He speaks on Bloomberg Television.

The European Union proposed "AccelerateEU" to navigate the Iran war-driven crisis, which it says it could reverberate for years. The plan aims to curb energy prices and address potential fuel shortages without undermining the bloc's climate ambitions or triggering damaging competition between nations. EU leaders are set to discuss the plan at a meeting in Cyprus. Bloomberg's Oliver Crook reports from Nicosia.

Airlines around the world are grounding more planes to cope with the increases in jet-fuel prices. Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd. Lufthansa is scrubbing 20,000 uneconomic short-haul flights from its European summer schedule to save on fuel. Earlier in the week, United Airlines slashed its full-year profit forecast due to higher fuel prices caused by war in the Middle East. Bloomberg's Benedikt Kammel breaks down the situation.

Ole Hansen, commodity strategy head at Saxo Bank, discusses market sentiment as oil jumped amid a weekend flare-up in US-Iran tensions. "Even with the setback we saw on Friday, these prices are still too high relative to what potential consumers are prepared to pay," Hansen tells Bloomberg Television.

Chancellor Friedrich Merz said he plans to convene Germany's national security council, adding that the council is empowered to take immediate action to ensure the nation's energy security if needed. Meanwhile, Germany's sovereign wealth fund, known as Kenfo, is abandoning long-held restrictions on investing in weapons manufacturers. Bloomberg's Oliver Crook reports.

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.