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Oil pared gains on a report that the US and Iran have reached a preliminary agreement to extend the ceasefire between the two countries and launch negotiations on the Islamic Republic's nuclear program. The memorandum of understanding would extend the truce by 60 days and states that shipping through the vital Strait of Hormuz would be "unrestricted," without any tolls paid to Iran, but the potential pact still requires President Trump's approval, Axios reported. Trump wants several days to mull over the deal, according to the report. An agreement to extend the truce would represent a diplomatic breakthrough and potentially bring the US and Iran closer to reopening normal maritime traffic through the strait, which usually carries around a fifth of the world's oil and liquefied natural gas supply. For more, we speak with Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.

Oil rebounded as fresh US military strikes in Iran clouded the outlook for an interim deal between Tehran and Washington to reopen the Strait of Hormuz. Stephen Stapczynski reports.

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.

International Energy Agency oil industry and markets head Toril Bosoni discusses the outlook for oil supplies and prices amid the ongoing disruption in the Strait of Hormuz. Inventories are falling around the world at a record pace, the IEA said in its latest monthly report, and will continue to drop for months as the Middle East conflict continues. Bosoni speaks on 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."

Man Group CEO Robyn Grew discusses the market impacts of the Iran War in both the US and Europe, and why we are beginning to see a shift toward diverse and resilient portfolios. She speaks with Katie Greifeld and Romaine Bostick at the Milken Institute Global Conference in Beverly Hills, California.

Brent oil rallied to a four-year high after Axios reported that US President Donald Trump will receive a briefing on new military options for action in Iran, signaling the potential for fresh escalation in the Middle East. The global benchmark surged as much as 7.1% before paring gains to trade near $122. Warren Patterson, Head of Commodities Strategy at ING Joined Stephen Carroll and Caroline Hepker on Bloomberg Radio To discuss. He says the market is losing confidence in a swift resolution and is increasingly pricing in a prolonged disruption to oil flows through the Strait of Hormuz.