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Early results in the local elections showed Nigel Farage's populist Reform UK racking up sweeping gains over Prime Minister Keir Starmer's Labour. The results reaffirm a splintering of British politics that's seen the insurgent Reform and Green parties make up ground on the right and left. Bloomberg's Alex Morgan reports from London.

Polling analyst and Conservative Party peer Robert Hayward says early indications following UK local elections show the results are "as bad as people were predicting for Labour", but London so far appears to be the one exception. Early results suggest a "great night for Reform", according to Hayward. But a full picture of the results might not come into focus until late in the UK day. In an interview on Bloomberg Daybreak Europe, Hayward said it will be a "summer of discontent" for Labour as they argue over whether or not to replace Prime Minister Keir Starmer. He added that he "wouldn't be at all surprised" if this happened over the next few months.

Vote counting is underway following polls across key regions in India. West Bengal is emerging as the main battleground and the outcome will test Prime Minister Modi's ability to expand beyond the core BJP base. Bloomberg's Sudhi Ranjan Sen reports.

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."

The US Supreme Court voted 6-3 along ideological lines to limit the use of the Voting Rights Act to create predominantly Black or Hispanic election districts. The justices rejected a Louisiana congressional map that was drawn with a second majority-Black district after a lower court found an earlier map to be discriminatory. Michael McKee reports on Bloomberg Television.

London Mayor Sadiq Khan discusses artificial intelligence, migration, affordable housing and why voters shouldn't back the populist Reform UK in next week's local elections, describing Nigel Farage's party as a "poor man's version of President Trump and MAGA." Khan also backed Prime Minister Keir Starmer to survive the growing scandal around his 2024 appointment of Peter Mandelson as ambassador to Washington. He talks with Chad Thomas at Bloomberg's CityLab conference in Madrid, where a new forum involving mayors from across the world to ensure artificial intelligence works for effectively for cities was announced.

Peter Magyar, Hungary's next prime minister, outlined sweeping changes after ending Viktor Orban's 16-year rule in a landslide election victory. Bloomberg's Oliver Crook reports from Budapest.

As Hungary prepares for parliamentary elections on Sunday, Prime Minister Viktor Orban addressed the nation saying he was the safe bet and that ousting him after 16 years in office would imperil the country. Meanwhile, independent surveys show Peter Magyar's Tisza party opening up a lead. Bloomberg's Oliver Crook reports from Budapest.

Viktor Orbán has spent the last 16 years building one of Europe's most durable political machines. But a sputtering economy and a formidable new challenger are pushing his project to the brink.

President Donald Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz. Patrick Schoettmer, Associate Professor of Political Science at Seattle University spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the US reaction to the Iran war.