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French Foreign Affairs Ministry Spokesperson Pascal Confavreux speaks to Bloomberg's Oliver Crook as the G-7 gather in France, with Rubio in attendance to sell the Iran war to skeptical allies.

Pernod Ricard and Brown-Forman are discussing a merger to consolidate amid an industry downturn. A combination would bring together Pernod's brands like Martell Cognac and Absolut Vodka with Brown-Forman's whiskeys such as Jack Daniel's and other brands including Fords Gin and Herradura tequila. Bloomberg's Manuel Baigorri reports.

Lizzy Burden, Tom Mackenzie and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

Fabiana Fedeli, CIO of multi-asset at M&G Investments, says investors need to look beyond the Iran war and focus on long-term fundamentals. "It is very difficult right now taking a position on the market only based on oil prices," Fedeli tells Bloomberg Television. "You need to go one step beyond that."

Hugh Gimber, global market strategist at JPMorgan Asset Management, discusses market positioning as the Iran war continues and Macquarie said oil may hit a record $200 a barrel if the conflict drags on until June. "I think it would be a recession at $200 a barrel," Gimber tells Bloomberg Television. "That's why we're seeing such focus on finding an off-ramp," he adds.

Spain said Algeria will increase gas supplies to the nation as global energy markets face heightened instability linked to the war in Iran. The African country is already Spain's main gas supplier via the Medgaz pipeline, which links the two countries across the Mediterranean. Bloomberg's Priscila Azevedo Rocha reports.

Oil steadied as US President Donald Trump again pushed back a deadline for striking Iran's energy. Brent crude is on pace for a record monthly gain in March. Bloomberg's Anthony di Paola reports.

Iran indicated Thursday it was still awaiting a response after rejecting a US 15-point plan to end the war and offering its own conditions that would include recognition of its authority over the Strait of Hormuz. Meanwhile, Malaysian Prime Minister Anwar Ibrahim said Iran has allowed Malaysian vessels trapped in the Persian Gulf to return home through the Strait of Hormuz. Bloomberg's Joumanna Bercetche reports.

Shipping through the Strait of Hormuz remains under intense pressure as the Iran war disrupts one of the world's most critical trade routes. Tehran is now considering introducing tolls for safe passage through the strait, tightening its grip on a key global chokepoint, while the US prepares to roll out an insurance program to encourage vessels back into the waterway. Saleem Khan, Chief Data and Analytics Officer, Pole Star Global spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the operations of the Strait of Hormuz.

Governments across the world are racing to secure supplies of fertilizers as the war in the Middle East chokes of commodity flows and heightens fears of a food crisis. ETG, a global conglomerate specializing in agricultural supply chains, says risks are most acute in sub-Saharan Africa and parts of South Asia. CEO Ashish Lakhotia joins Insight with Haslinda Amin.

Franklin Templeton's Rich Nuzum says the markets are "underestimating the impact" of the inflationary effects of the Middle East conflict.

Brian Roberts, Head of Equities Product Development at Hong Kong bourse operator HKEX, discusses the ETF product pipeline on "Bloomberg: ETF IQ Asia."