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OECD Secretary General Mathias Cormann discusses the impact of the conflict in the Middle East on the global economy, saying the Iran war is putting "downward pressure on growth and upward pressure on inflation." He speaks to Bloomberg's Oliver Crook on the sidelines of a Group of Seven meeting in Paris.

Group of Seven finance chiefs are meeting in Paris to discuss how oil-fueled inflation risks overshadowing economic prospects. The talks are meant to dwell on imbalances ranging from the US budget deficit to China's weak consumption. Bloomberg's Oliver Crook reports from Paris.

Max Kettner, chief multi-asset strategist at HSBC, discusses the outlook for equities and whether there is a risk of a pullback. "All of our positioning stuff, both systematic and discretionary, is so far away from sending a sales signal," he tells Bloomberg Television.

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."

US President Donald Trump has vowed to maintain a naval blockade on Iran, reiterating that the policy is depriving the Islamic Republic of much-needed oil revenue. West Texas Intermediate, the main US crude marker, rallied toward $111 a barrel on Thursday, while Brent, the global benchmark, topped $126. Iran's Supreme Leader Mojtaba Khamenei cast doubt on the prospects of a deal, vowing not to give up the Islamic Republic's nuclear or missile technologies, and signaling Tehran would keep control of the Strait of Hormuz. The American Automobile Association says in California, the average statewide price for regular gasoline rose to $6.01, the highest since October 2023. Skyrocketing pump prices are a major political risk for President Donald Trump's White House, especially ahead of the midterm elections. Bloomberg's Charlie Wells explains on "The Pulse with Francine Lacqua."

Laura Cooper, global investment strategist at Nuveen, says markets are "recalibrating to the risk that we could see persistent energy prices come through." She adds that further pressure is expected in European earnings, as opposed to US earnings, which have surprised expectations. She speaks on Bloomberg Television.

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.