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Iran's Supreme Leader says its enriched uranium must stay in the country, Reuters is reporting this morning. Those headlines sent oil prices higher. On Wednesday President Donald Trump said the US was in the "final stages" with Iranian diplomacy. Bloomberg's Annmarie Hordern reports.

"We may have to give (Iran) another big hit," President Donald Trump says while speaking with reporters at the White House.

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.

President Donald Trump says he's going to have a great meeting with China's Xi Jinping. "My relationship with President Xi is a fantastic one. We've always gotten along and we're doing very well with China, and working with China has been very good, so we look forward to it," Trump said as he was leaving the White House for Beijing.

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.

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 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.

President Donald Trump says Iran's economy is crashing because of the Strait of Hormuz blockade during remarks to reporters at the White House.

Business activity in the euro area unexpectedly shrank for the first time since late 2024 due to a steep drop in the services sector as the Iran war weighs on consumers. The Composite PMI compiled by S&P Global declined to 48.6 in April from 50.7 the previous month, dropping below the 50 threshold separating growth from contraction. In the UK PMI data showed that the private sector quickly bounced back from a slowdown caused by the Iran war as firms rushing to secure supplies and price pressures mounting. Hugh Gimber, Global Market Strategist, JP Morgan joined Stephen Carroll on Bloomberg Radio to discuss. he says business costs are 'rising sharply.'

President Donald Trump posted on social media that he would extend the ceasefire with Iran, after plans for diplomatic talks between the two countries were scrapped. Joe Mathieu reports on "Bloomberg The Close."